计息落地+智能合约，数字人民币发展空间打开

Core Viewpoint - The implementation of the "Action Plan" marks a significant transition of the digital renminbi from a cash-based version 1.0 to a deposit currency version 2.0, introducing interest payments for authenticated digital renminbi wallets, thereby enhancing payment convenience, security, and yield [2][3]. Group 1: Digital Renminbi Transition - The digital renminbi will officially transition to a deposit currency model on January 1, 2026, allowing interest payments on authenticated wallets at rates aligned with bank deposit rates [3]. - This transition is seen as a critical step in promoting the digital renminbi, showcasing the central bank's commitment to its widespread adoption [2][3]. Group 2: Risk Management and Demand Adaptation - The shift to a deposit currency model aims to mitigate risks associated with the de-intermediation of digital cash, ensuring that digital renminbi is included in the deposit reserve and insurance systems, thus providing equal safety guarantees as traditional deposits [4]. - The ability to earn interest on digital renminbi addresses previous challenges related to the lack of yield, which hindered its adoption [5]. Group 3: Integration with Banking System - The new framework allows digital renminbi to be treated as a liability of commercial banks, enabling banks to engage in innovative business practices while managing digital renminbi assets effectively [6]. - The previous limitation where funds in digital renminbi wallets could not be utilized for lending or investment has been lifted, enhancing banks' operational flexibility [5]. Group 4: Technological Advancements - The "Action Plan" emphasizes the integration of an "account system + digital currency + smart contracts" approach to enhance the digitalization and intelligence of the renminbi [7]. - Smart contracts are expected to facilitate the embedding of digital renminbi into various transaction processes, significantly increasing its usage frequency [7][8]. Group 5: User and Bank Benefits - Users will benefit from cash-like convenience, including offline payments and real-time settlements, while also enjoying the security and yield associated with deposits [8]. - Banks will gain asset-liability management rights over digital renminbi, allowing them to activate wallet funds through investment and lending activities [8]. Group 6: Future Applications and Policy Tools - Smart contracts can transform digital currency into precise economic tools, enabling targeted financial incentives and enhancing policy execution efficiency [8][9]. - The potential for smart contracts in large-scale applications, such as cross-border payments and supply chain finance, is anticipated to unlock broader development opportunities for digital renminbi [10]. Group 7: Current Usage Statistics - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital renminbi app [10].