China Should Draft a Digital Yuan Law, State Bank Official Says

China should draft new laws and regulations for the digital yuan to address privacy concerns and clarify how it operates, a senior Chinese state bank official proposed.

The new law should clearly define the duty of the central bank to protect users’ privacy and make sure their information is only accessible for the purpose of protecting national security, Wang Jingwu, vice president of the Industrial & Commercial Bank of China Ltd., said in an article published by the China Finance magazine Monday.