Svmuu News: The “Law of the People’s Republic of China on People's Bank of China (PBOC) (Revised Draft)” was submitted for its first review at the 23rd Session of the Standing Committee of the 14th National People’s Congress on June 23, 2026. Notably, the phrase “clarifying the legal status of the digital yuan” was included in the revised draft for the first time.
According to reports, the draft for public comment released in 2020 merely stated that “the renminbi includes both physical and digital forms.” This latest revision further elevates the legal status of the digital renminbi.
In addition, the 2020 consultation draft stipulated that no entity or individual may produce or issue tokenized notes or digital tokens to circulate in the market as a substitute for the renminbi.For related violations, the People's Bank of China (PBOC)s have the authority to order the cessation of such activities, destroy illegally produced or issued token vouchers and digital tokens, confiscate illegal gains, and impose fines of up to five times the amount involved. (Caixin)