China’s central bank lays regulatory foundation for CBDC October 24, 2020 23 Views China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan. The draft law states that the yuan is the official currency of the People’s Republic of China whether in physical or digital form. The draft law also appears to take aim at third-party efforts at yuan-backed digital currencies, stating that individuals and institutions are prohibited from making and issuing a currency designed to “replace” digital yuan circulation. […] The People’s Bank of China clarified that the draft of the new law is on the table for public consultation until November 23, 2020. Previous reports have indicated that China hopes to start officially issuing the digital yuan before the Winter Olympics in Beijing in February 2022.
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