China’s chief financial regulator, the People’s Bank (NBK), intends to ban the issuance of assets tied to the digital yuan. At the moment, the issue of amendments to the national legislation is being discussed.
So, the document provides for a ban on legal entities and individuals to issue and conduct transactions with assets to replace the digital yuan. In case of violations, it is proposed to apply fines, which will be regulated depending on the income received, and the issuers of such instruments themselves will have to cease their activities.
It is worth noting that the People’s Bank of China is awaiting feedback from stakeholders until November 23, 2020.
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