TechFlow News, June 24: According to Caixin.com, the “Draft Amendment to the People’s Bank of China Law of the People’s Republic of China” was submitted for its first deliberation at the 23rd session of the Standing Committee of the 14th National People’s Congress on June 23, 2026. Notably, “clarifying the legal status of the digital renminbi” has been explicitly incorporated into the draft amendment for the first time. The report notes that the 2020 consultation draft merely stated that “the renminbi includes both physical and digital forms.” This revision further elevates the digital renminbi’s legal standing.
Additionally, the 2020 consultation draft stipulated that no entity or individual may produce or issue token vouchers or digital tokens intended to circulate in place of the renminbi. For violations of this provision, the People’s Bank of China is authorized to order cessation of such activities, destroy illegally produced or issued token vouchers and digital tokens, confiscate unlawful gains, and impose fines of up to five times the amount involved in the violation.
