金融大家评 | 中银证券全球首席经济学家管涛：数字人民币2.0时代的“变”与“不变”

Core Viewpoint - The People's Bank of China (PBOC) is set to launch an action plan to enhance the management and service system of the digital renminbi, transitioning from the 1.0 era of digital cash to the 2.0 era of digital deposit currency, effective January 1, 2026 [2]. Group 1: China's Digital Currency Leadership - China has been 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 [4]. - The digital renminbi ecosystem has been preliminarily established, showcasing a unique development path led by the central bank, integrating commercial financial institutions and existing payment systems [4]. - The digital renminbi utilizes blockchain technology while maintaining its status as a central bank liability, ensuring it remains equivalent to the fiat renminbi [4]. Group 2: Transition from 1.0 to 2.0 - The transition from digital renminbi 1.0 to 2.0 retains core successful elements, particularly the dual-layer operational structure, which has been recognized globally as a standard for digital currencies [5]. - The action plan emphasizes a separation of management and operational functions to ensure comprehensive regulatory coverage [6]. - The digital renminbi 2.0 will maintain a hybrid architecture that combines account-based management with blockchain efficiency, allowing for lower costs and higher efficiency in digital currency payment services [7]. Group 3: Innovations in Digital Renminbi 2.0 - The digital renminbi will evolve from a non-interest-bearing digital cash to an interest-bearing digital deposit currency, allowing banks to manage digital renminbi wallet balances as part of their asset-liability operations [9]. - The digital renminbi wallet balances will be valued as "renminbi," ensuring consistency and interoperability across different banks and payment institutions [10]. - The integration of digital currency with smart contracts and blockchain technology aims to enhance the digital payment landscape, moving from electronic to digital payments [11]. Group 4: Blockchain and Financial Infrastructure - The application of blockchain technology will support various financial services, including cross-border payments and the digitization of real-world assets [12]. - The establishment of the digital renminbi international operation center in Shanghai will facilitate the development of a cross-border digital payment platform and a blockchain service platform [13]. - The multi-central bank digital currency bridge aims to address jurisdictional issues and enhance regulatory compliance through distributed ledger technology [13].