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29 September 2020

No one can refuse China’s digital currency, says central bank exec

No one can refuse China’s digital currency, says central bank exec


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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.

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.”.

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