NPC Deputy Proposal to Amend the People's Bank of China Law to Clarify the Legal Tender Status of Digital RMB

ZkProver · 2026-03-11T12:33:38+00:00

National People's Congress Deputy Fu Xiguo proposes amending the "People's Bank of China Law" to clarify the legal status of digital renminbi, specify the central bank's issuance responsibilities, fill legal gaps, ensure circulation security and protect consumers' rights, and also include behaviors such as counterfeiting digital renminbi into legal regulation and penalties.

ZkProver

2026-03-11 12:33:38

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ChainCatcher news reports that National People’s Congress Deputy Fu Xiguo has submitted a proposal to accelerate the revision and enactment of the “People’s Republic of China People’s Bank Law.” Currently, digital renminbi lacks clear legal regulation, and issues related to issuance, circulation, and risk prevention face a legal vacuum. This results in the central bank lacking a legal basis when performing its issuance and management duties, making it difficult to effectively ensure the security of digital renminbi circulation and protect financial consumers’ rights and interests. The revision of the People’s Bank Law should explicitly establish the legal status of digital renminbi as legal tender and clarify the core responsibilities of the central bank as the issuer of digital renminbi.

The new People’s Bank Law should also include provisions to regulate behaviors such as counterfeiting and tampering with digital renminbi, clearly defining legal responsibilities and penalties to ensure the security of digital renminbi circulation.

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