Caixin: The digital yuan is different from Ethereum smart contracts; WeChat, Alipay, and others will gradually obtain wallet opening permissions

According to Caixin, starting from January 1, the balance of digital RMB wallets will begin to accrue interest. It is reported that its smart contracts are different from the "on-chain" smart contracts known for being built on blockchain due to Ethereum. Senior digital RMB experts point out that digital RMB is not built on blockchain, but rather based on a newly designed account system, where the central bank and commercial banks jointly maintain "the same ledger." By loading "smart contracts that do not affect the monetary function," digital RMB achieves programmability, supporting features such as targeted payments and automatic execution.

In addition, Caixin also disclosed that only real-name authenticated digital RMB wallets can accrue interest, meaning that Type I, II, and III wallets can earn interest, while Type IV non-real-name wallets do not earn interest (as the ownership of Type IV wallets cannot be confirmed). After January 1, mobile banking apps from participating operating banks, as well as payment platforms like WeChat and Alipay, will gradually gain the authority to open digital RMB wallets.