The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo
The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo

China moves to legalise digital yuan and ban competitors with new draft law

  • People’s Bank of China stipulates for the first time that the digital yuan will be allowed to circulate and be converted like physical currency
  • Head of central bank’s digital currency research institute admits potential problems with digital yuan, but says they reinforce need for central bank oversight

Topic |   Digital currencies
The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo
The People’s Bank of China, shown here in Beijing, has published a draft law that would give legal status to the Digital Currency Electronic Payment (DCEP) system. Photo: Kyodo
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