专家：数字人民币2.0应关注三大问题

Core Viewpoint - The People's Bank of China has launched an action plan to strengthen the management and service system of digital RMB, transitioning from cash-based version 1.0 to deposit currency-based version 2.0, effective January 1, 2026 [1] Group 1: Progress of Digital RMB - The digital RMB pilot since 2016 has focused on domestic retail payment, using consumption vouchers to enhance attractiveness and embedding programmability into various payment and financial scenarios [1] - Cross-border retail payment has been addressed, with cooperation between the central bank's digital currency research institute and the Hong Kong Monetary Authority to deepen cross-border pilot projects [1] - The mBridge project for cross-border wholesale payments has entered the minimum viable product (MVP) phase [1] Group 2: Challenges Faced - The retail payment service system, primarily involving commercial banks and payment institutions, struggles to form sustainable business models under the current M0 positioning of digital RMB, necessitating clearer regulations for 2.5-layer institutions [2] - The "controllable anonymity" principle poses a challenge; excessive control may undermine the cash substitute value, while too much anonymity could lead to risks such as telecom fraud [2] Group 3: Adjustments in Functionality and Operation - The new digital RMB plan includes significant adjustments: transitioning from cash substitutes to interest-bearing deposits, evolving from a single payment tool to a multifunctional financial account, and moving from an experimental approach to a structured management and multi-party incentive mechanism [4] Group 4: Future Considerations - The digital RMB should focus on optimizing functionality across different levels [5] - The new plan must effectively address challenges related to monetary policy operations, the impact on existing banking systems, and the payment clearing system [6] - Future applications of digital RMB could explore asset tokenization, with potential use cases in small retail payments, large enterprise transactions, and cross-border wholesale payments [7][8]