Legal Framework Urgently Needed for Digital Yuan, Says National Lawmaker

Deep News03-11 10:51

During the National Two Sessions on March 10, Li Shiliang, a deputy to the National People's Congress, emphasized the necessity of establishing a legal framework for digital yuan. Li, who also serves as President of the Sichuan Lawyers Association and Chief Partner of Grandall Law Firm (Chengdu), pointed out that with the transaction volume of digital yuan already substantial, there is an urgent need for laws to regulate disputes over rights and obligations that arise from its use. He described the digital yuan as both a financial product and a form of currency. Li stressed that transactions involving digital yuan inevitably lead to conflicts regarding rights and obligations, underscoring the importance of having legal provisions to govern these matters.

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Li, who also serves as President of the Sichuan Lawyers Association and Chief Partner of Grandall Law Firm (Chengdu), pointed out that with the transaction volume of digital yuan already substantial, there is an urgent need for laws to regulate disputes over rights and obligations that arise from its use. He described the digital yuan as both a financial product and a form of currency. 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