0
0
September 14, 2020 at 11:53AM
China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank. In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China.
According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor outlined that the digital RMB is “mainly positioned” as M0, which means that the digital currency is part of the supply of paper notes and coins. As such, the digital RMB “needs to comply with laws and regulations related to cash management”, Fan said.
The deputy governor went on to say that according to the renminbi’s indemnity provisions, the digital renminbi could be used to pay “all public and private debts within the territory of our country.” Fan emphasized that the digital currency should be accepted everywhere in the country, and “no unit or individual may refuse to accept it if the conditions are met.”
No one can refuse China’s digital currency, says central bank exec, CoinTelegraph, Sep 14
From: The FxPro News Team https://fxpro.news/market-snapshots/no-one-can-refuse-chinas-digital-currency-20200914/
Selected by fonecable.com
Search Web: No one can refuse China’s digital currency
Recent Posts
- NEWS: ForexLive Asia FX news wrap: USD loses some ground January 20, 2021 at 03:56AM
- NEWS: Chinese authorities step up efforts to convince to “stay put” over Lunar New Year January 20, 2021 at 03:31AM
- NEWS: Impeachment proceedings against Trump are bubbling away still – Pelosi to send articles to the Seanate ‘soon’ January 20, 2021 at 03:27AM
- NEWS: Chinese state media says President Xi wants further high-speed rail development January 20, 2021 at 03:20AM
- NEWS: China’s foreign ministry says it strongly opposes US statements on Xinjiang January 20, 2021 at 02:59AM
Average Rating