- Digital currency has to follow existing rules for cash and forex management.
- All stablecoins accepted in China must follow foreign exchange rules.
As per Reuters, an official from the Chinese central bank, the People’s Bank of China (PBOC), gave some comments regarding the country’s proposed digital currency. The official said that the digital currency needs to observe all existing rules for cash and forex management. He official also stated that the digital currency is aiming to substitute paper currency and has no implication on monetary policy. Regarding stablecoins, the officials noted that all such coins accepted in China will need to observe foreign exchange rules.
FXStreet has also covered the statements the official made regarding Yuan-denominated assets. You can read that story here.
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