Seventeen years after the second amendment of the Law of the People’s Republic of China on the People’s Bank of China was approved, public comments are being taken on a new draft version that was proposed on Friday.

Analysts said that the new draft, if passed, will help reduce financial risks by giving the central bank a larger role in the use of a digital currency. It will also address money laundering, reduce costs and win China more financial status in the world.

The draft law addresses for the first time the central bank’s determination to reduce systemic financial risks and legalize the digital yuan. Experts said this measure will have great importance for the development of China’s financial system.