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

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
READ FULL ARTICLE