Woofun AI reports that the revised draft of the People's Bank of China Law was submitted for first deliberation at the 23rd session of the Standing Committee of the 14th National People's Congress on June 23, 2026. This legislative update marks a significant shift by explicitly clarifying the legal status of digital RMB, moving beyond the 2020 public comment draft which merely noted that "RMB includes both physical and digital forms."

Concurrently, the legislation reinforces strict prohibitions against private digital assets, stipulating that no entity or individual may produce or issue token vouchers or digital tokens to circulate as a substitute for RMB. The People's Bank of China is granted enforcement authority to halt violations, destroy illicit tokens, confiscate gains, and impose fines reaching five times the illegal amount.