Starting from January 1st, the new generation of digital RMB measurement framework, management system, operation mechanism, and ecosystem will be officially launched and implemented, and the digital RMB will be upgraded to version 2.0. This upgrade means that digital RMB has been upgraded from digital cash to digital deposit currency, and the money in the digital RMB wallet can now generate interest. What are the advantages of the upgraded digital RMB? How can ordinary users better use the new generation of digital RMB? The reporter interviewed experts such as Guan Tao, Global Chief Economist of Bank of China Securities. Only wallet balances that have completed real name authentication will accrue interest. Q: What impact does the transition from digital cash to digital deposit currency have on individual users? How is the deposit interest determined and calculated? Answer: For individual users, the most intuitive change is that the money in the digital RMB wallet can now generate interest. Starting from January 1st, digital RMB business operators will calculate and pay interest on the balance in users' real name wallets based on the listed interest rate for current deposits. Specifically, if the user opens a real name wallet (Type 1, Type 2, or Type 3 wallet), the balance in the wallet will be calculated based on the current interest rate listed on the settlement date for the previous quarter's payable interest. The interest settlement dates are March 20th, June 20th, September 20th, and December 20th each year. Users can check the interest settlement amount through the wallet asset page and transaction records of the digital RMB application after the interest settlement date; When clearing the account before the interest settlement date, interest will be calculated based on the current interest rate announced on the clearing date until the day before the clearing. I hope that in the future, various operating institutions can provide richer deposit and wealth management products, enriching users' choices for digital RMB asset appreciation. Q: Is there a physical card available after upgrading the digital RMB? What are the precautions for operation and use? Answer: Digital RMB applications do not belong to a single institution like electronic payment tools, but are a public service and comprehensive management platform jointly built by the Digital RMB Operation and Management Center and various operating institutions. The platform aggregates wallets from various operating institutions, supporting personal consumption, transfers, online payments, as well as providing specialized service entrances such as prepaid fund management, public utility payments, travel, low-carbon, consumption red envelopes, and wealth management. It has also undergone aging friendly renovations. To adapt to the usage habits of users such as the elderly, children, and overseas visitors, digital RMB provides hard wallets as a supplementary payment method, which includes hardware carriers such as IC cards, wearable devices, SIM cards, and mobile terminals. The mobile hard wallet that has completed the adaptation upgrade also supports payment in special scenarios such as no internet or electricity. It should be noted that only wallets that have completed real name authentication (Type 1, Type 2, Type 3 wallets) will accrue interest on their balance, while Type 4 wallets will not accrue interest. At the same time, it is necessary to download the digital RMB application through the official mobile app store and pay attention to identifying and preventing counterfeit applications. Q: What are the advantages of digital RMB compared to traditional bank deposits? Is it safe to store it? Who should I contact if there is a problem? Answer: The balance of digital RMB is subject to interest calculation and included in the coverage of the deposit insurance system. On the basis of retaining the profitability and availability of bank deposits, it also combines the advantages of digital technology. On the one hand, the digital RMB carries the coin string issued by the People's Bank of China, which is more secure and interoperable. For example, the digital RMB can not only be used in daily scenarios, but also directly transmit value on the blockchain. On the other hand, digital RMB wallets are more standardized and can also load smart contracts, supporting more complex application scenarios that require performance guarantees. In addition, digital RMB enjoys the same deposit insurance protection as ordinary bank deposits in accordance with the law, and is provided with technical support by the People's Bank of China, with higher standards in anti-counterfeiting and tamper proof aspects. Under the dual layer operation system of "central bank operating institution", each operating institution provides market-oriented services such as wallet opening and operation, exchange and circulation payment, risk prevention and control to the public. If users need to consult and solve related problems, they can directly contact the operating institution to which their wallet belongs. Why upgrade the digital RMB and optimize the digital RMB measurement framework? What problem do you want to solve? Answer: The implementation of the new generation digital RMB measurement framework is mainly aimed at facing the trend of digital and intelligent development of the economy and society, responding to the new demands of the real economy and financial system for the issuance, circulation, and use of digital RMB, grasping the historical trend of the evolution of the international monetary system, and effectively improving the quality and service capabilities of digital RMB management. Specifically, there are three reasons: firstly, it aligns with the positioning of a universal legal digital currency and supports the innovation capability of digital RMB, benefiting thousands of industries; The second is to deepen the role of the dual layer operation structure, avoid affecting the derivative ability of commercial bank deposits, and promote the full integration of digital RMB and banking business; The third is to enhance the inclusiveness of digital RMB, support the public to hold digital RMB and obtain the expected returns. Q: What changes will this adjustment bring to commercial banks? Will it lead to commercial banks' "deposit relocation"? Answer: When digital cash is converted into digital deposit currency and included in the bank's balance sheet, commercial banks can independently carry out asset liability management of the balance of digital RMB wallets, and their operational enthusiasm and space will be effectively released. Optimizing the measurement framework of digital RMB will not only prevent commercial banks from "moving deposits", but also help to further clarify the symmetrical relationship between the responsibilities and rights of operating institutions through institutional protection, prevent and control such risks, and maintain financial stability. The digital RMB of banking operating institutions is included in the reserve system framework management, and the balance of their digital RMB wallets is uniformly included in the deposit reserve base. In the future, non bank payment institutions participating in digital RMB operations will implement 100% digital RMB margin. The balance of the digital RMB wallet is classified into corresponding currency levels based on liquidity. This institutional arrangement clarifies that customers' digital RMB in commercial banks is a commercial bank liability based on accounts, retained within the commercial banking system. However, in order to effectively leverage the upgrading effect of digital RMB, supporting policies are needed to avoid implicit barriers. For example, although digital RMB already has deposit attributes, it still cannot enjoy the same policies as regular bank accounts in areas such as finance, banking, and cross-border transactions. (Reporter Wu Qiuyu) Further reading: The digital RMB application has opened a total of 230 million personal wallets. The digital RMB is a legal digital currency and related payment system issued and regulated by the People's Bank of China, and adopts a dual layer operation architecture. Specifically, the central bank provides technical support and implements supervision, offering transaction transfer and settlement services for digital RMB and smart contracts to participating institutions, achieving cross institutional connectivity. The digital RMB business operation agency is responsible for providing services such as digital RMB exchange, circulation payment, risk prevention and control, and market expansion to the public. The upgraded digital RMB carries both the currency string issued by the central bank and the liability attribute of commercial banks. Based on accounts and compatible with distributed ledger technology, it is a modern digital payment and circulation method issued and circulated within the financial system, with functions such as currency value scale, value storage, and cross-border payment. Interest is charged on the balance of real name digital RMB wallets held by the public. At present, the service base of digital RMB is steadily consolidating, the ecosystem is taking shape, and a new cross-border infrastructure for digital RMB is gradually being constructed. As of the end of December 2025, the cumulative transaction amount in pilot areas is 1.95 trillion yuan, with 3.57 billion transactions processed. A total of 230 million personal wallets have been opened for digital RMB applications, and 19.08 million digital RMB unit wallets have been opened. From June 2024 to the end of 2025, the multilateral central bank digital currency bridge has processed a total of 4868 cross-border payment transactions, with a cumulative transaction amount equivalent to approximately RMB 477.8 billion. Among them, digital RMB accounts for about 96% of the transaction amount of various currencies. (New Society)