管涛：数字人民币2.0时代的“变”与“不变”

Core Viewpoint - The digital renminbi is transitioning from the 1.0 era of digital cash to the 2.0 era of digital deposit currency, with a new management and service framework set to be implemented by January 1, 2026 [1] Group 1: Digital Currency Development - China is a pioneer in digital currency exploration, having initiated theoretical research and closed testing of the digital renminbi in 2014, with pilot programs starting in 2019 [3] - The digital renminbi ecosystem has been preliminarily established, following a path that relies on central bank leadership and integration with commercial financial institutions [3] - The digital renminbi 2.0 will be a modern digital payment and circulation method, issued and circulated within the financial system, featuring functions such as value measurement, value storage, and cross-border payment [3][4] Group 2: Operational Framework - The transition to digital renminbi 2.0 retains the successful core elements of the previous phase, particularly the dual-layer operational structure that separates management and operation [4] - The People's Bank of China will establish a digital renminbi management committee to oversee relevant business lines and ensure comprehensive functional regulation [5] - The operational management centers for digital renminbi will be located in Beijing and Shanghai, focusing on system security and cross-border business operations [5] Group 3: Technological Integration - Digital renminbi 2.0 will combine account-based management with blockchain efficiency, utilizing a hybrid architecture that incorporates both account and blockchain characteristics [6] - The digital renminbi will leverage smart contracts and digital technologies to enhance payment services, moving from electronic to digital payment [8][10] - Blockchain technology will be applied not only in cross-border payments but also in the digitalization of real-world assets, with platforms established for various financial services [11] Group 4: Changes in Currency Structure - The digital renminbi will shift from being a central bank liability to a digital deposit currency, allowing banks to manage digital renminbi wallet balances as part of their asset-liability operations [8] - Digital renminbi wallet balances will earn interest and be included in the banks' balance sheets, enhancing the stability of commercial banks' liabilities [8][9] - The digital renminbi will maintain its equivalence to fiat currency, ensuring interoperability and convenience for users [9]