Central Bank of China proposes fines for issuing yuan-pegged tokens
People’s Bank of China Unveils Public Comment Proposal to Ban RMB-Pegged Digital Tokens.
“No person can issue digital tokens in order to replace the digital yuan in the market,” the document says. For violation of the law, confiscation of illegal income is provided, as well as a fine in five times the amount.
In addition, it is proposed to officially legalize the yuan in digital form. “Renminbi includes material form and digital form,” writes the Central Bank.
If approved, the proposal will be used to amend the PRC Central Bank Law. The current version of the law has been in effect since 2003. It describes the role of the People’s Bank of China as the sole issuer of the national currency and defines monetary policies to maintain financial stability..
According to The Block, the latest initiative appears to be aimed at shaping the legal framework for issuing the digital yuan. The collection of comments is carried out until November 23.
Earlier this week, Governor of the People’s Bank of China Yi Gang said that the digital yuan will play an important role in the emergence of a new form of economy, and stressed the need for accelerated development.
The material has been changed in accordance with more complete information
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