China’s central bank, the People’s Bank of China (PBOC), has enacted legislation to legalize the digital yuan and legalize digital currency issued by anyone who competes with it. Meanwhile, the central bank is sabotaging gambling venues that use Stabitecoin teasers.
Take China drafts to recognize the digital yuan
The People’s Bank of China on Friday released a draft law giving legal status to its central bank Digital Currency (CBDC), the digital yuan. The central bank has also launched a public consultation on the draft law; Comments can be submitted by November 23rd.
The legal tender of the People’s Republic of China is the renminbi [RMB]The draft law states:
RMB includes physical form and digital form … No unit or individual will be able to produce or sell individual tokens, coupons and digital tokens to replace RMB in market circulation.
The wording of the law appears to target yuan-paged stablecoins but the ban could also include the views of other digital currency PBOCs as a threat to RBM.
China is heavily testing the digital yuan. A public trial was recently launched in Shenzhen where authorities paid 200,000 yuan (about $ 30) to 2,000,000 residents to spend on 9,389 stores.
China has cracked down on gambling sites
In a WeChat post published on Friday, the central bank outlined efforts to crack down on gambling sites across the border that bypass Chinese citizens, enabling Chinese citizens to transfer money abroad.
According to the Post, People’s Bank of China recently helped local police in Huzhou City to crack down on borderline online gambling sites using Teether (USDT) in the lure of money. Three gambling dens operating about 120 million yuan were closed and 77 suspects were arrested.
What do you think about those who suppress China digital yuan rivals? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Vicky Kons Mans
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