深度｜唤醒上亿“钱包”，数字人民币跃入2.0时代

Core Viewpoint - The launch of Digital Renminbi 2.0 marks a significant evolution from a cash-like digital currency to a financial asset that can earn interest, enhancing its appeal and usability for consumers [4][10]. Group 1: Development and Features - Digital Renminbi has transitioned from a non-interest-bearing electronic cash system to a financial asset that can earn interest, aiming to change personal financial habits and establish a unique development path for digital currency in China [4][9]. - The Digital Renminbi 2.0 version introduces a wallet balance that is treated as a liability of commercial banks, akin to demand deposits, thus enhancing its monetary attributes [9][10]. - The digital currency's design includes four types of wallets, with the first three types earning interest based on the bank's current deposit rates, while the fourth type remains a non-interest-bearing anonymous wallet [9][11]. Group 2: Market Expansion and Adoption - The pilot program for Digital Renminbi has expanded from select cities to provinces across China, with significant transaction volumes reported, including 34.8 billion transactions totaling 16.7 trillion yuan by November 2025 [5][6]. - Despite the growth, Digital Renminbi still faces challenges in user adoption compared to established payment platforms like Alipay and WeChat Pay, which dominate the market [6][14]. Group 3: Regulatory and Policy Framework - The Chinese government has laid the groundwork for the Digital Renminbi's upgrade through policies that emphasize the stable development of digital currency, including the integration of digital currency into the deposit insurance framework [8][12]. - The People's Bank of China is set to implement a comprehensive management framework for Digital Renminbi, ensuring that it is subject to the same regulatory standards as traditional bank deposits [8][12]. Group 4: Future Implications and Challenges - Digital Renminbi 2.0 is expected to enhance macro-financial security by integrating into the prudential management framework, which will help mitigate risks associated with financial disintermediation [12][14]. - The internationalization of the Renminbi could be bolstered by the interest-bearing feature of Digital Renminbi, providing incentives for foreign entities to hold and use the currency [13][16]. - Challenges remain in user adoption, technological integration for smaller banks, and the need for international regulatory cooperation on digital currencies [14][16].