PBOC Law revision draft proposes to clarify the legal status of digital RMB

CoinFeed, June 24 – According to Caixin, the "Law of the People's Republic of China on the People's Bank of China (Draft Revision)" was submitted for first reading at the 23rd meeting of the Standing Committee of the 14th National People's Congress on June 23, 2026. The draft includes a new provision to "clarify the legal status of digital RMB." The 2020 draft for comments only mentioned that "RMB includes physical and digital forms." The earlier draft also stipulated that no unit or individual may produce or sell token tickets or digital tokens to replace RMB in market circulation. The People's Bank of China shall order the cessation of illegal activities, destroy illegally produced or sold token tickets and digital tokens, confiscate illegal gains, and impose a fine of up to five times the illegal amount.