{"id":30626,"date":"2020-10-23T17:24:03","date_gmt":"2020-10-23T14:24:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30626"},"modified":"2025-08-27T23:14:20","modified_gmt":"2025-08-27T20:14:20","slug":"pboc-to-ban-yuan-pegged-tokens","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/pboc-to-ban-yuan-pegged-tokens\/","title":{"rendered":"PBOC to ban yuan-pegged tokens"},"content":{"rendered":"<p>The Chinese financial regulator has put amendments to the Law on the People&#8217;s Bank of China up for public discussion. They envisage the legalisation of the digital yuan and prohibit the issuance of tokens pegged to it.<\/p>\n<p><!--more--><\/p>\n<p>Excerpts from the draft bill were provided by journalist Colin Wu. He said this could mark the first instance of digital currencies appearing in China&#8217;s formal laws.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p dir=\"ltr\" lang=\"en\">This may be the first time that cryptocurrency has appeared in China\u2019s formal laws.<\/p>\n<p>\u2014 Colin Wu\uff08WuBlockchain\uff09 (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1319612970935046149?ref_src=twsrc%5Etfw\">October 23, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Wu said the document prohibits legal and natural persons from issuing and trading tokens to replace the digital yuan in circulation.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Breaking: The People\u2019s Bank of China issued a draft of legal comments, clearly stipulating that no unit or individual may produce and sell tokens, coupons and digital tokens to replace CNY in circulation in the market. <a href=\"https:\/\/t.co\/rH7i4w4mJO\">pic.twitter.com\/rH7i4w4mJO<\/a><\/p>\n<p>\u2014 Colin Wu\uff08WuBlockchain\uff09 (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1319608959775371264?ref_src=twsrc%5Etfw\">October 23, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The regulator proposes to punish offenders with a fine equivalent to five times the proceeds, cessation of operations, and confiscation of profits from issuing and selling yuan-backed digital tokens.<\/p>\n<p>Also, one of the amendments proposes to legalise the national currency in digital form.<\/p>\n<p>Earlier, the regulator <a href=\"https:\/\/u1f987.com\/en\/news\/peoples-bank-of-china-urges-faster-roll-out-of-digital-yuan\">called upon<\/a> to accelerate the pace of research and development of the central bank digital currency (CBDC), and to ensure that it is controllable and safe.<\/p>\n<p>Earlier, Chinese authorities <a href=\"https:\/\/u1f987.com\/en\/news\/china-plans-to-challenge-dollar-dominance-with-a-cbdc\">had hoped<\/a> to be the first to issue a CBDC. In their view, winning the race would bolster the yuan&#8217;s position in the global market, breaking the dollar&#8217;s dominance.<\/p>\n<p>Follow ForkLog\u2019s updates on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chinese financial regulator has put amendments to the Law on the People&#8217;s Bank of China up for public discussion. They provide for the legalisation of the digital yuan and prohibit the issuance of yuan-pegged tokens.<\/p>\n","protected":false},"author":1,"featured_media":30627,"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":[1095,133,1369],"class_list":["post-30626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-china","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30626","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=30626"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30626\/revisions"}],"predecessor-version":[{"id":30628,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30626\/revisions\/30628"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/30627"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}