{"id":28647,"date":"2020-09-14T18:54:42","date_gmt":"2020-09-14T15:54:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28647"},"modified":"2025-08-27T12:40:58","modified_gmt":"2025-08-27T09:40:58","slug":"pboc-to-require-nationwide-acceptance-of-the-digital-yuan","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/pboc-to-require-nationwide-acceptance-of-the-digital-yuan\/","title":{"rendered":"PBOC to require nationwide acceptance of the digital yuan"},"content":{"rendered":"<p>The People&#8217;s Bank of China regards the digital yuan as a legal tender that must be accepted nationwide. Deputy Governor Fan Yifei wrote about this in a column for <a href=\"https:\/\/www.financialnews.com.cn\/ll\/gdsj\/202009\/t20200914_200849.html\" target=\"_blank\" rel=\"noopener noreferrer\">Financial News<\/a>.<!--more--><\/p>\n<p>In his words, the digital yuan legally complements fiat currency. It \u201cprimarily positions itself as an M0 asset\u201d, that is, as part of cash.<\/p>\n<blockquote>\n<p>\u201cTherefore the digital yuan must comply with the laws and rules governing monetary management,\u201d said Yifei.<\/p>\n<\/blockquote>\n<p>In the article, the PBOC spokesman stressed that the asset should be accepted nationwide.<\/p>\n<blockquote>\n<p>\u201cNo company or individual may refuse to accept the digital yuan if all conditions are met,\u201d the article says.<\/p>\n<\/blockquote>\n<p>Earlier, the Chinese authorities <a href=\"https:\/\/u1f987.com\/en\/news\/china-to-test-the-digital-yuan-in-large-scale-commercial-transactions\">announced<\/a> an expansion of testing of the national digital payments system. The experiment was planned to target large commercial transactions.<\/p>\n<p>In August, the media <a href=\"https:\/\/u1f987.com\/en\/news\/media-china-to-use-digital-yuan-at-the-2022-winter-olympics\">reported<\/a> that the People&#8217;s Bank planned to issue the national digital currency into circulation by February 2022.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The People&#8217;s Bank of China regards the digital yuan as a legal tender that must be accepted nationwide. This was written by Deputy Governor Fan Yifei in a column for Financial News.<\/p>\n","protected":false},"author":1,"featured_media":28648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,133],"class_list":["post-28647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=28647"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28647\/revisions"}],"predecessor-version":[{"id":28649,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/28647\/revisions\/28649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/28648"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=28647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=28647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=28647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}