Core Insights - Digital RMB is entering a critical development phase, with significant progress in pilot programs and the need for theoretical and practical reforms in the monetary system [2][8] - The evolution of digital RMB has gone through three stages: theoretical research, closed pilot, and open pilot, with applications in various sectors such as retail, dining, education, and public services [7][8] - The necessity to upgrade the measurement framework of digital RMB to align monetary supply with economic growth and price expectations is emphasized [3][8] Monetary System Evolution - Historical changes in currency forms have been driven by technological advancements and economic development, with digital currency being the next upgrade of legal tender [4][6] - The establishment of a legal currency system is a natural selection due to the superiority of national credit over private credit [4][6] - The blurring lines between commercial bank currency and central bank currency necessitate the issuance of legal digital currency to maintain monetary unity and financial system security [7][6] Digital RMB Characteristics - Digital RMB operates as a direct liability of the central bank, requiring 100% reserve, which raises the need to enhance its monetary derivation capacity as the economy develops [2][8] - Commercial banks are responsible for wallet management, fund security, payment services, and compliance with anti-money laundering regulations [2][8] - The dual-layer operational framework aims to balance the innovative capabilities of commercial institutions with the need for monetary unity and financial security [7][8] Technological and Economic Implications - The integration of digital technology in the monetary system enhances the central bank's ability to manage risks and maintain currency stability [6][5] - The historical context of currency evolution highlights the ongoing struggle between official and private currency issuance, which impacts the stability of the financial system [5][6] - The need for a unified ledger and business technology features is identified to provide better monetary services for the real economy [3][8]