21评论丨数字人民币2.0的转型逻辑与前景

Core Viewpoint - The People's Bank of China has introduced a new action plan to enhance the management and service system of the digital renminbi, transitioning from cash-based version 1.0 to deposit currency-based version 2.0, effective January 1, 2026 [1] Group 1: Progress and Developments - Since 2016, the digital renminbi pilot has focused on domestic retail payment, utilizing consumption vouchers and red packets to increase attractiveness [1] - The digital renminbi has also expanded into cross-border retail payments, enhancing services for foreign visitors and deepening cooperation with the Hong Kong Monetary Authority [1] - In the wholesale payment sector, the mBridge project has reached the minimum viable product stage, indicating ongoing development in cross-border wholesale payments [1] Group 2: Challenges and Issues - The retail payment service system faces challenges in forming sustainable business models under the current M0 positioning, with a need for clearer regulations regarding the roles of participating banks and third-party institutions [2] - The wholesale payment service system is complicated by the lack of a stable model for central bank digital currencies (CBDCs) globally, making interoperability and compatibility a significant challenge [2] Group 3: Adjustments and Future Focus - The new digital renminbi plan includes major adjustments in its functional positioning, shifting from cash substitutes to interest-bearing deposits and from a single payment tool to a multifunctional financial account [3] - Future focus areas include optimizing functions for small retail payments, enhancing large retail payments for enterprises through programmability, and innovating in cross-border wholesale payments to support the internationalization of the renminbi [3][5] Group 4: Addressing Challenges - The new digital renminbi plan must effectively address challenges related to monetary policy operations, the impact on existing banking systems, and the potential for a "Matthew effect" among participating and non-participating institutions [5] - The implications for the existing payment and clearing systems need thorough exploration, particularly regarding the transfer and clearing of digital renminbi accounts [5] Group 5: Future Applications - The digital renminbi could explore new applications in the era of digital assetization, potentially leading to the creation of a unified ledger for financial markets that records tokenized asset ownership and transaction information [6] - The distinction between traditional electronic deposits and digital renminbi deposits remains unclear, emphasizing the need to focus on the incremental value of tokenized deposits [6]