Chinese President Xi Jinping issued a statement on Saturday titled 'Issues on National Medium and Long-Term Social and Economic Strategies.' Photo: AFP

Xi Jinping believes China should play a stronger role in creating the global regulatory framework for digital currency.

“We need to take advantage of the momentum and accelerate the digitalization of various fields including our economy, society and government, as well as proactively participate in creating the international regulatory framework on digital currency and digital tax,” the Chinese president said in a statement on Saturday titled “Issues on National Medium and Long-Term Social and Economic Strategies.”

Xi’s statement was preceded by the People’s Bank of China’s recent release of a proposed banking law to legalize the digital yuan and ban all other yuan-pegged tokens.

Digital yuan pilot

Meanwhile, since its pilot rollout began in four Chinese cities, more than 2 billion yuan ($299.07 million) has been spent using China’s digital yuan in 4 million transactions, Yi Gang, the governor of the PBOC, said on Monday at Hong Kong’s Fintech Week conference.

Read: Huawei’s new phone has wallet for digital yuan

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.