China is making extra efforts to create the first central bank-issued digital currency (CBDC) and legalize its commercial usage. The People\u2019s Bank of China announced a call for public feedback on a new draft law, aiming to further clarify the legislations around the DC\/EP stablecoin, dubbed as digital yuan, and actually legalize it as a form of payment.In Chapter 3 of the \u201cLaw of the People\u2019s Republic of China on the People\u2019s Bank of China,\u201d the PBoC proposes several overhauls. The most noticeable change in the law, however, is that China\u2019s native currency, the Renminbi (RMB), \u201cincludes both a physical form and a digital form.\u201d The new amendment legalizes the DC\/EP stablecoin as a \u201clegal tender,\u201d which would be a green light for China\u2019s biggest state-run bank to continue piloting and expanding its digital yuan programme and even rolling it out for official usage.However, the amendments also seek to eliminate any competition of the new currency by creating entry barriers for any individual or entity that issue digital products which may replace the digital yuan\u2019s \u201cmarket circulation.\u201d\u201cFor anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds,\u201d the proposed amendment reads.The text in the proposition effectively bans competitors of DC\/EP. The PBoC explains that the measure is needed for managing the money supply, which can be difficult if private entities joined the market. Japanese financial news outlet Nikkei even reported that the ban on competitors would shut the door for Facebook\u2019s Libra stablecoin project in China.Meanwhile, as China prepares for regulatory clarification and proper legal status of its digital yuan, the Swiss central bank and the Bank for International Settlements (BIS) have\u2026<\/p>","protected":false},"excerpt":{"rendered":"
China is making extra efforts to create the first central bank-issued digital currency (CBDC) and legalize its commercial usage. The People\u2019s Bank of China announced a [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/posts\/2606"}],"collection":[{"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/comments?post=2606"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/posts\/2606\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/media?parent=2606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/categories?post=2606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/pt\/wp-json\/wp\/v2\/tags?post=2606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}