Saturday 28 November 2020
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scmp - 1 month ago

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

China is inching closer to the launch of its own sovereign digital currency by giving it a legal foundation in an upcoming law revision, while the central bank is also addressing problems that emerged in pilot tests for the digital yuan.The People’s Bank of China (PBOC) published a draft law on Friday that would give legal status to the Digital Currency Electronic Payment (DCEP) system, and for the first time the digital yuan has been included and defined as part of the country’s sovereign fiat…


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