An official of the branch of the Central Bank of China is seeking to get legal clarity on the use of the digital Yuan as a legal tender.
China is a top country in the present time from the point of view of the economy and also in the race of blockchain technology adoption. With the launch of Chinese Central Bank Digital Currency (CBDC), a digital form of its Chinese fiat currency Yuan, it became the first country to launch digital Currency to facilitate payments systems in the blockchain network. At present, China is almost in the final phase of the Chinese CBDC ( Digital Yuan) pilot program.
Recently “two sessions” was held in China. In the session, the National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC) participated as a leader in the meeting & to talk on the plans & policies of the country to push the country toward a better level of growth.
Guo Xinming, president at People’s Bank of China (PBOC) Nanjing branch, introduced his amendments to the administrative law to provide a clear legal status on the digital Yuan to use in the payment option as a legal currency in China.
The deputy to the NPC and chief procurator of the Chongqing Municipal Procuratorate, He Hengyang, also proposed his amendment to bring clarity and rules to introduce charges & fines against the bad actors related to the Digital Yuan associated with criminals & scammers.
Hengyang noted that crimes associated with digital Yuan will be associated with the violation of the laws and acts in China related to information protection, data security, and economic and national security. So proper clarity needed to deal with such situations.
According to available data reports, Digital Yuan completed its $11.24 billion worth of Digital transactions by the end of December 2021. So we can expect the current growth and surge in the adoption of Digital Yuan at technical level.
In the Two sessions meeting, the discussion also touched the topic of Metaverse. They confirmed that they will focus on Metaverse to make the country top in this race with the inclusion of the protection of privacy and data security of the users.
Read also: China will try to top in the Metaverse race
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