TechFlow News, March 11: According to Caixin, National People’s Congress (NPC) deputy Fu Xiguo submitted a proposal calling for the accelerated revision and promulgation of the “People’s Bank of China Law.” Currently, the digital renminbi lacks clear legal regulation, resulting in a legal vacuum concerning its issuance, circulation, and risk prevention. This gap deprives the central bank of a legal basis for fulfilling its responsibilities in issuing and managing the digital currency, thereby undermining effective safeguards for the security of digital renminbi circulation and the rights and interests of financial consumers. The revision of the “People’s Bank of China Law” should explicitly affirm the digital renminbi’s status as legal tender and clearly define the People’s Bank of China’s core responsibilities as the issuer of the digital renminbi. The revised law should also bring acts such as counterfeiting or tampering with the digital renminbi under legal regulation, specifying corresponding legal liabilities and penalty standards to ensure the security of digital renminbi circulation.
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