简单来说，就是从藏在手机里的"电子现金"正式转变为能生息的数字存款货币。这可不是简单的术语调 整，而是一次关乎钱如何"活起来"的机制跃迁。 2026年1月1日，中国数字人民币将迎来一次里程碑式的升级。根据中国人民银行最新发布的《行动方 案》，数字人民币正式从"数字现金"迈入"数字存款货币"时代。 想象一下，未来你数字钱包里的余额不再只是静态数字，而是像银行储蓄一样产生利息，甚至参与信贷 循环——数字人民币正从支付工具演变为一个完整的金融基础设施。 从"钱包"到"账户"：钱终于能生钱了 过去，数字人民币被定义为"数字现金"，类似于揣在手机里的电子纸币，不产生利息，主要功能是支 付。而升级后，用户在商业银行钱包中的数字人民币将被明确为商业银行负债，享受存款保险保障，银 行可为其支付利息，用户也能参与银行资产负债管理。这意味着，数字人民币不再只是支付工具，而是 具备了价值储藏功能——你的数字钱包终于能"钱生钱"了。 这一调整背后，是央行对金融规律的尊重。现金因其匿名性无法生息，而存款通过银行信贷投放参与经 济循环，这才是现代货币体系的核心。数字人民币2.0版选择融入传统金融体系，而非像加密货币那样 试图"颠覆"它， ...

*（左起） 致同香港咨询部高级经理翁伟聪、咨询合伙人夏其才及咨询总监严欣琪在网上传媒简介会上分享报告内容及要点 致同指出，香港凭借其作为中国与世界之间超级联系人的独特地位以及世界一流的金融基础设施，持续吸引全球资本和家族办公室。截至2024年底，香港 管理的总资产规模达到了可观的35.142万亿港元，较去年同期增长13%，反映财富管理服务需求持续旺盛。2024年净资本流入飙升至3,210亿港元，较去年 增加逾六倍，显示全球投资者信心不断增强，以及香港作为顶级金融中心的吸引力日益提升。超过54%的管理资产总值来自中国内地和香港以外地区，突 显了香港多元化的全球投资者基础在促进国际资本配置方面的强大优势。 致同香港《香港财富管理热潮：引领全球市场新格局》报告（下称"报告"）显示，香港凭借强劲的资本涌入、家族办公室的增长、金融科技创新以及与大 湾区（GBA）的深度融合，正加快迈向超越瑞士，跃升为全球最大的跨境财富管理中心。香港正以全球领先的速度吸引拥有逾3,000万美元资产的超高净 值人士。2025年上半年，香港的超级富豪人数激增22.9%至17,215人，成为全球顶级财富市场中增幅最大的地区。 香港的财富管理行业 ...

欧盟委员会正推动一项旨在打破金融服务领域国家壁垒的全面计划，意图打造一个能够与美国相抗衡的 真正统一的资本市场，以此为陷入困境的欧盟经济注入新的活力。 周四，欧盟的执行机构欧盟委员会公布了一揽子措施，旨在消除跨境交易和资产管理中存在的障碍。这 些提议是欧盟创建"储蓄与投资联盟"行动的核心组成部分，目的是为了更有效地为创新型企业融资，从 而推动经济增长。 欧盟金融服务专员Maria Luis Albuquerque指出，当前的欧盟资本市场规模过小且竞争力不足，现状"行 不通"。此举被视为对欧洲经济增长模式停滞、竞争力落后于美国的回应。该计划的目标是将欧盟庞大 的家庭储蓄更有效地引导至实体经济投资，以阻止创新企业和资本持续流向海外。 然而，这些改革措施仍需获得欧盟各国政府和欧洲议会的批准，预计将面临部分成员国的阻力。尽管如 此，欧盟官员强调，鉴于欧洲在地缘政治和经济上正逐渐"失势"，推进单一市场已是刻不容缓。 整合监管为核心，强化ESMA权力 为了实现资本市场的真正统一，该方案提出了一系列具体的技术性措施，其中最核心的环节是推动监管 整合，并赋予欧洲证券和市场管理局（ESMA）更大的权力。 提案建议，通过增强受监 ...

Core Insights - The multilateral digital currency bridge (JISR) project has officially launched, aiming to create an efficient, low-cost, and scalable cross-border payment solution centered around central bank digital currencies (CBDCs) [1][2] - The project is expected to significantly enhance the efficiency of fund transfers and reduce transaction fees by at least 50% compared to traditional cross-border payment methods [2][4] - The implementation of the JISR project is seen as a step towards promoting the international use of the digital renminbi and reducing reliance on the US dollar for cross-border transactions [4][5] Project Overview - The JISR project was initiated in February 2021 by the People's Bank of China, Hong Kong Monetary Authority, Bank of Thailand, and Central Bank of the UAE, with the Saudi Central Bank joining in June 2024 [1] - The platform is built on distributed ledger technology (DLT), allowing multiple central banks to issue their own CBDCs and facilitate their exchange [1][2] Operational Principles - The project adheres to three main principles: non-destructive, compliant, and interoperable, ensuring that CBDCs promote healthy international monetary systems and comply with local regulations [2][3] - The operational process involves four steps: transferring digital dirhams to the JISR platform, initiating cross-border payments, synchronizing foreign exchange settlements, and transferring digital renminbi to the Chinese enterprise [3][4] Future Implications - The JISR project is expected to accelerate the process of cross-border trade and investment currency settlement between China and the UAE, thereby mitigating exchange rate risks for trade enterprises [4][5] - The establishment of the digital renminbi international operation center in Shanghai aims to provide standardized services for cross-border payments and blockchain applications [5][6] Market Reception - The JISR project is gaining traction among enterprises in regions with stringent cross-border fund flow regulations, as it facilitates compliance and operational efficiency [6][7] - There is a growing interest in tokenized cross-border transfer services among Western companies, while Asian enterprises prioritize compliance and regulatory requirements in cross-border trade payments [6][7]

Core Points - The "Metadata Standard for Tracking Cultural Relics and Artworks Based on Distributed Ledger Technology" was officially released at the 2025 Beijing International Cultural Relics Expo [1] - This standard is the world's first international standard for the traceability of cultural relics and artworks, led by China [1] - The establishment of this standard provides a unified common language for digital cultural exchanges among countries, promoting the digital transformation of the global cultural heritage industry [1] - It will also serve as a dialogue bridge for various applications of cultural relics and artworks in digital scenarios, including the internet and virtual reality [1]

Core Insights - Digital assets have become an essential part of personal and corporate wealth, encompassing various forms such as cryptocurrencies, digital copyrights, game items, and identity credentials [1] - Blockchain technology is emerging as a critical foundation for securing digital assets due to its unique architecture [1] Group 1: Blockchain Technology - Blockchain is fundamentally a distributed ledger technology that offers decentralization, immutability, and transparency [3] - Traditional digital asset storage relies on centralized servers, which pose direct threats to user assets if attacked or altered [3] - Blockchain mitigates single point of failure risks by distributing data across multiple global nodes, each maintaining a complete copy of the ledger [3] - Hash algorithms and timestamp technology provide a "anti-counterfeiting label" for blockchain data, making unauthorized modifications nearly impossible [3] Group 2: Smart Contracts - The introduction of smart contracts enhances the automation and security of digital asset management [5] - Smart contracts are self-executing agreements based on blockchain, automatically fulfilling terms when preset conditions are met [5] - In digital copyright transactions, smart contracts can automate copyright verification, payment settlement, and rights distribution, ensuring transparency and immutability [5] Group 3: Security and Privacy - Blockchain's encryption technology establishes dual defenses for user asset privacy and access control [5] - Asymmetric encryption ensures that only asset owners can authorize access and transactions, protecting data even if intercepted during transmission [5] - Privacy-preserving technologies like zero-knowledge proofs allow users to complete identity verification and transaction authorization without revealing specific data [5] Group 4: Future Implications - Blockchain technology is reshaping the security ecosystem of digital assets, serving as both a technical tool and a trust mechanism [6] - As technology matures, blockchain will play a broader role in asset verification, circulation, and traceability, providing a solid security foundation for the digital economy [6] - Blockchain may become an "invisible guardian" of digital wealth, enabling individuals to create and trade confidently in the digital world [6]

Group 1 - The core viewpoint emphasizes the need for U.S. regulatory bodies to embrace new technologies while implementing necessary regulations to ensure safety in the financial sector [1][2] - Waller advocates for central banks to adopt a technology-driven revolution, particularly in artificial intelligence and tokenization, to enhance payment systems [1] - He highlights decentralized finance technologies as complementary to traditional payment systems, noting that distributed ledger technology offers more efficient and faster transfer of funds and assets [1] Group 2 - Waller suggests that companies should have the flexibility to choose different channels for transferring funds or securities based on their business needs, with some prioritizing speed and others focusing on cost savings through batch processing [2] - He announced a payment innovation conference scheduled for October 21, urging policymakers to collaborate with the industry on standards, cybersecurity, and risk management to ensure innovation aligns with safety [2] - Waller, appointed by former President Donald Trump in 2020, is expected to succeed Jerome Powell as the Federal Reserve Chair when Powell's term ends in May next year [2]

Core Viewpoint - The World Gold Council has proposed a revolutionary plan to launch a digital token backed by physical gold in London, aiming to transform the trading, settlement, and collateralization of gold [2][3] Group 1: Digital Gold Initiative - The initiative, named "Gold 247," aims to address issues of integrity, accessibility, and tradability in the gold market, reducing the cost barrier for global investors [3][5] - A key component is the "Gold Bar Integrity" (GBI) program, which will create a blockchain-based, tamper-proof database for compliant gold, allowing buyers to verify the integrity of their investments [3][4] - The initiative seeks to enhance transparency and trust in the gold market, making it easier for participants to engage in trading [4][5] Group 2: Market Context and Timing - The timing of the digital gold proposal is strategic, responding to increased demand for gold as a safe-haven asset amid rising geopolitical risks and high interest rates [5][6] - The market value of gold stored in London vaults is approximately $9 trillion, indicating significant potential for enhanced liquidity and collateral functionality [5][6] Group 3: Challenges of Asset Tokenization - Despite the potential benefits, challenges remain in tokenizing physical assets like gold, including standardization issues and high cross-border transaction costs [7][8] - Concerns about the authenticity of on-chain assets and the risks associated with custody are significant barriers to acceptance [7][8] - The need for a unified standard and enhanced transparency in custody and delivery systems is critical for the success of digital gold [8][9] Group 4: Unique Position of Gold - Unlike other physical assets, gold is globally recognized as a reserve and allocation tool, which could facilitate the establishment of a scalable on-chain trading market [9]

Core Viewpoint - The legitimacy of stablecoins does not equate to their universal acceptance in payment scenarios, as they serve merely as intermediaries for currency payments and are not legal tender [2][3]. Regulatory Environment - Stablecoins have been circulating in markets prior to the enactment of related regulations in the US, Hong Kong, and the EU, and their legal status may change post-regulation [3]. - The introduction of regulations aims to address the risks associated with stablecoins while recognizing their beneficial roles in the economy [3]. Application Scenarios - Stablecoins are not universally applicable; their use is limited to specific scenarios where legal tender is inconvenient or unavailable [9][11]. - Current primary use cases for stablecoins include virtual world payments, cross-border transactions to evade sanctions, and as a hedge against local currency instability [9][10]. Market Dynamics - The market for stablecoins is expected to shift significantly post-legalization, with a focus on mainstream payment scenarios such as retail, domestic, and cross-border trade [11]. - Retail payment scenarios may include large merchants issuing their own stablecoins, but widespread acceptance across different merchants is unlikely [12][13]. Technological Integration - The integration of blockchain technology in financial transactions is essential, but stablecoins may not be the optimal solution for all payment needs [19][20]. - The potential for tokenized financial instruments, such as bills of exchange, may offer more advantages than stablecoins in certain contexts [20]. Future Trends - Central Bank Digital Currencies (CBDCs) are expected to outperform stablecoins in similar regulatory environments due to their status as legal tender [21]. - The future of stablecoins will depend on the evolution of transaction models, regulatory approaches, and technological advancements [21].

Core Viewpoint - The blockchain seminar held before the Jackson Hole global central bank conference highlighted the importance of embracing technological innovations in digital assets and stablecoins to drive economic growth in the U.S. [1] Group 1: Technological Innovation in Payments - Christopher Waller, a Federal Reserve governor, emphasized that the current advancements in computing power, data processing, and distributed networks are fostering innovative payment services [1] - Waller stated that the evolution of payment systems is primarily driven by technological progress, with private sector innovations leading the way, while the Federal Reserve plays a supportive role [3][4] Group 2: Collaboration Between Public and Private Sectors - Waller advocated for collaboration between the Federal Reserve and the private sector to explore the potential of decentralized finance (DeFi) technologies, which could enhance traditional payment systems [2][3] - He highlighted the need for the Federal Reserve to continue embracing technological advancements to modernize services and support private sector innovation [3][5] Group 3: Research on New Payment Technologies - The Federal Reserve is currently researching innovations in payment technologies, including tokenization, smart contracts, and the application of artificial intelligence [3][4] - Waller expressed the importance of understanding these trends to better support private enterprises using related infrastructure and to evaluate the potential of emerging technologies to improve existing Federal Reserve platforms and services [4] Group 4: Positive Outlook on Cryptocurrency - Waller's remarks come amid a broader acceptance of the cryptocurrency industry within the Federal Reserve, as another official, Michelle Bowman, also praised the benefits of new technologies like AI and cryptocurrencies [5] - The discussions at the seminar indicate a growing recognition of the need for banks and regulators to adapt to the evolving landscape of digital assets to maintain their relevance in the economy [5]