Chinese regulators push for digital yuan as Hong Kong maintains stablecoin focus
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Regulators in China are pushing for the revision of the People’s Bank of China Law, arguing that the 2003 law cannot keep up with the needs of modern technology. A deputy at the National People’s Congress, Fu Xiguo, submitted a formal request during the 2026 sessions to officially declare the digital yuan as legal tender. Meanwhile, Hong Kong is expected to issue its first batch of stablecoin licenses to no more than four companies, as mainland China and Hong Kong focus on different angles to tackle the fiat-linked digital currency question. Will China officially make the digital yuan legal tender? During the 2026 National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC) sessions, Fu Xiguo, a deputy to the NPC and former head of the People’s Bank of China (PBoC) Liaoning branch, submitted a formal request to speed up the revision of the Law of the People’s Bank of the People’s Republic of China. The current law was last revised in 2003. Fu Xiguo’s argument is that the 2003 law cannot address the needs of the modern economy. In 2003, mobile payments and blockchain technology did not exist in the public sphere. The deputy pointed out that the current legal framework does not clearly define the digital yuan as legal tender. Making the e-CNY legal tender by law would ensure that all individuals and businesses will accept it for payments, just like physical banknotes and coins. During the 2023 Central Financial Work Conference, building a modern central banking system was proposed. Official data from the PBoC shows that the digital yuan is already being used in various sectors, including retail, transportation, and government services. However, its use has largely relied on administrative orders and pilot programs rather than formal national law. Hong Kong’s strict stablecoin licensing Recent reports…
Filed under: News - @ March 11, 2026 3:28 pm