Chinese Bank President Calls for Amending Law to Define Digital RMB as Legal Currency
It is reported that Fu Xiguo, a deputy to the National People\’s Congress and president of the People\’s Bank of China Shenyang Branch, proposed to submit a prop…
It is reported that Fu Xiguo, a deputy to the National People’s Congress and president of the People’s Bank of China Shenyang Branch, proposed to submit a proposal to amend the Law of the People’s Republic of China on the People’s Bank of China at this year’s two sessions. Fu Xiguo believes that the management responsibilities of RMB should be improved, and the expression and production methods of legal RMB should be redefined in the legal provisions, giving digital RMB the same legal status as physical RMB; According to the characteristics of digital RMB, the issuance mode, circulation mode, supervision mode and other contents of digital RMB shall be comprehensively and in detail to prevent the risk of virtual currency and clarify the legal responsibility for making and selling digital tokens.
Fu Xiguo, deputy to the National People’s Congress: prevent the risk of virtual currency and clarify the legal responsibility for making and selling digital tokens
Interpretation of the news:
The President of the People’s Bank of China Shenyang Branch and deputy to the National People’s Congress, Fu Xiguo, has proposed an amendment to the Law of the People’s Republic of China on the People’s Bank of China during this year’s two sessions. The amendment is intended to define digital RMB as legal currency and give it the same legal status as physical RMB.
Fu Xiguo argues that the management responsibilities of RMB should be improved and the legal provisions surrounding the expression and production methods of legal RMB should be redefined to include digital RMB. This would ensure that digital RMB is legally recognized as viable currency, thereby increasing its usage and acceptability in the domestic and international markets. Furthermore, the amendment would allow for the comprehensive definition and regulation of digital RMB’s issuance, circulation, and supervision modes, which is essential in preventing the risk associated with virtual currencies and protecting the public’s interests.
Digitization and blockchain technology continue to transform the financial industry and redefine the way money is exchanged globally. The Chinese government has been at the forefront of this transformation, developing its digital currency, the Central Bank Digital Currency (CBDC), since 2014. The pilot of the digital RMB began in 2020, and the People’s Bank of China recently announced its expansion to Beijing and other cities in 2021.
The amendment proposed by Fu Xiguo aligns with the government’s goal of establishing digital RMB as a recognized form of currency in the domestic and international markets. It also reflects the government’s efforts to regulate and gain greater control over digital currencies, particularly in light of the increased use of virtual currencies, which present notable risks such as money laundering, terrorism financing, and fluctuating values.
In conclusion, the amendment proposed by Fu Xiguo would be a significant step in recognizing digital RMB as a legitimate and safe form of currency. The comprehensive definition and regulation proposed would clarify the legal responsibilities of individuals and entities in making and selling digital tokens, and ensure that the public interest is protected. Such changes are likely to contribute to the wider adoption and use of digital RMB and the progress of financial digitization in China.
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