Source: Securities Times
On January 1, 2026, the new generation digital RMB measurement framework, management system, operational mechanisms, and ecosystem will be officially launched and implemented.
Based on the 'Action Plan for Further Strengthening the Management Service System of Digital Currency and the Construction of Relevant Financial Infrastructure' (hereinafter referred to as the 'Action Plan') previously formulated by the People's Bank of China, the digital yuan will transition from its cash-based version 1.0 to a deposit currency-based digital yuan version 2.0.
In the new year, the digital yuan will shift from 'digital cash' to 'digital deposits.' The Action Plan stipulates that banking institutions will pay interest on the balances of customers' real-name digital yuan wallets in accordance with self-regulatory agreements on deposit interest rate pricing. For individuals, the balances in their real-name digital yuan wallets will accrue interest based on the current account interest rate posted by the bank, without requiring any additional action, ensuring no change to the individual payment experience.
For enterprises or government entities, some public scenarios had explicitly prohibited the use of cash payments, which also restricted the application of the digital yuan. Following the change in the nature of the digital yuan, future payment scenarios are expected to expand further.
Currently, there are 10 institutions participating in the operation of the digital yuan. Given the differences in posted interest rates for demand deposits and financial services provided by banking institutions, the public will be able to independently choose the digital yuan operating institution for their custodial wallets in the future.
The Action Plan standardizes the measurement framework for the digital yuan, incorporating the digital yuan operations of banking institutions into the reserve requirement system framework, with the balances of digital yuan wallets uniformly counted as part of the base for required reserve deposits.
As a result, banks can independently manage assets and liabilities for digital yuan wallet balances, with legal security provided by deposit insurance. The 'inclusion in balance sheets' of the digital yuan establishes an incentive mechanism for operating institutions, improves the efficiency of fund utilization, and will encourage banks to proactively introduce more financial products and services.
Industry insiders have stated that the implementation of the Action Plan will help address potential risks such as 'financial disintermediation' and 'deposit migration' in the field of digital currencies, promoting better support for the real economy by the digital yuan.
Looking ahead, Lu Lei, Deputy Governor of the central bank, stated in a signed article that the selection of business and technical models for the digital yuan will adhere to the fundamental starting point of meeting the needs of the real economy. It will adopt an inclusive yet cautious approach to account-based and value-based digital currency development directions, aiming to meet the demands of different scenarios and business entities.
Editor/Rocky