The People's Bank of China (PBoC) is about to ban cryptocurrencies, issued by "any individual or entity."
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According to the recently published amendments to the bill on the "Law of the People's Republic of China," the issuance of digital tokens to replace renminbi (the official currency of China) is prohibited for any"individual or entity."
China's central bank also highlighted that the renminbi (RMB) includes both "physical and digital form." The regulator wants to hear public feedback until November 23.
Earlier in October, the Chinese authorities organized a random distribution of digital yuans as part of the public testing. Shenzhen's government distributed 10 million digital yuan to 50,000 residents of the Luohu district.
The winners who received 200 RMBs (approximately $30) spent the digital currency at 3,389 merchants.
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