In the News: Digital Currency Law; New QDII Quotas; and E-Commerce Probe
October 27, 2020 | BY
Vincent ChowPBOC publishes draft law revision with new provisions on digital currency; SAFE official announces plans to roll out new QDII outbound investment quotas; and 2020 "Sword Net" operation to look into unfair competition in e-commerce sector
PBOC draft law revision gives digital currency legal basis
China has incorporated its new digital currency into its wider currency regulatory framework. On Oct. 23, the People's Bank of China (PBOC) published a proposed revision to the PRC People's Bank of China Law (中华人民共和国中国人民银行法), which contained new provisions that provide a legal foundation for China's new digital currency. The PBOC is soliciting comments on the draft law until Nov. 23.
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