Caixin: The digital RMB smart contract is different from Ethereum's smart contract and is not built on a blockchain network

On January 9, Caixin reported that starting January 1, balances in digital RMB wallets will begin earning interest. The digital yuan’s smart contracts differ from well-known "on-chain" ones built on blockchains like Ethereum, a senior digital RMB expert noted. The digital yuan isn’t based on blockchain; instead, it uses a brand-new account system. The central bank and commercial banks jointly maintain a "shared ledger." By adding "smart contracts that don’t affect the currency’s function," the digital yuan gains programmability, supporting features like targeted payments and automatic execution. Additionally, Caixin revealed that only real-name authenticated digital RMB wallets qualify for interest right now. That means Tier 1, 2, and 3 wallets are eligible, while Tier 4 non-real-name wallets (which can’t confirm the owner’s identity) do not earn interest. After January 1, mobile banking apps from participating operational banks and payment platforms like WeChat and Alipay will also gradually get permission to open digital RMB wallets.