数字人民币十年蝶变：升级2.0，混合架构开辟全球数字货币新路径

Core Viewpoint - The digital renminbi is set to undergo a significant transformation in 2026, transitioning from a cash-based digital currency (1.0) to a deposit currency model (2.0), expanding its scope from M0 to include M1 and M2 [1] Group 1: System Architecture and Operation - The digital renminbi 2.0 is not a complete overhaul but an upgrade that retains successful elements from previous trials, utilizing a "central bank-commercial institution" dual-layer operational system [2] - The People's Bank of China (PBOC) will continue to lead the construction and operation of the digital renminbi system, focusing on three core needs: interconnectivity, standardization, and risk management [2][3] - The upgraded system will support the entire lifecycle management of digital renminbi, including issuance, exchange, and circulation [2] Group 2: Technological Innovations - The upgrade emphasizes a new digital framework combining "account system + digital currency string + smart contracts," enhancing the digitalization and intelligence of the renminbi's issuance and circulation [3] - The digital renminbi's architecture allows for full traceability of transactions, providing real-time feedback to the central bank on deposit data [4] - The digital renminbi's smart contracts function as "conditional payment engines," ensuring funds are used as intended while maintaining the integrity of the account system [8][9] Group 3: Historical Development - The development of the digital renminbi has progressed through four phases: early research (2014-2017), pilot testing (2018-2020), comprehensive trials (2021-2022), and functional deepening (2023-present) [4][5] - The introduction of the dual-layer operational framework in 2016 was a pioneering concept with no global precedent [5] Group 4: Cross-Border Applications - The digital renminbi is exploring blockchain technology applications while primarily adhering to an account-based model, facilitating cross-border payments through initiatives like the mBridge project [10][11] - The mBridge project has processed 4,868 cross-border payment transactions, with digital renminbi accounting for approximately 96% of the total transaction value [10] - The digital renminbi's design allows for flexible integration with other central banks' infrastructures, enhancing cross-border payment efficiency and compliance [11][12]