The Action Plan for Further Strengthening the Management Service System and Related Financial Infrastructure Construction of Digital RMB issued by the People's Bank of China (hereinafter referred to as the "Action Plan") has been officially launched and implemented on January 1 this year. The Action Plan clarifies the measurement framework, management system, operational mechanism, and ecosystem of the new generation of digital RMB, marking the entry of digital RMB into the 2.0 era. Data shows that as of the end of November 2025, the digital RMB has processed a total of 3.48 billion transactions, with a cumulative transaction amount of 1.67 trillion yuan. 230 million personal wallets have been opened through the digital RMB app, and 18.84 million digital RMB unit wallets have been opened. What new changes has the introduction of the Action Plan brought to the digital RMB? What impact will these changes have on individuals, businesses, and banks? The introduction of the "Action Plan" to broaden the application scenarios has clarified the mechanism that digital RMB will transition from the era of digital cash to the era of digital deposit currency. The future digital RMB will be a modern digital payment and circulation method issued and circulated within the financial system, provided with technical support and supervision by the central bank, with commercial bank liability attributes, based on accounts, compatible with distributed ledger technology, and possessing functions such as currency value scale, value storage, and cross-border payment. In the view of Liu Xiaochun, Vice President of Shanghai New Financial Research Institute, the transformation of digital RMB from digital cash to digital deposit currency is a qualitative change. Simply put, this is equivalent to depositing paper money in a wallet into a bank card and turning it into a deposit, which naturally generates interest. The Action Plan clearly states that banking institutions shall calculate and pay interest on customers' real name digital RMB wallet balances, and comply with the self-discipline agreement on deposit interest rate pricing. Whether for individuals or businesses, the 2.0 version of digital RMB will enable people to gain more benefits. Currently, the digital RMB has the ability to serve as a versatile currency in various fields such as wholesale and retail, catering, tourism, education and healthcare, public services, social governance, rural revitalization, and cross-border settlement. It has formed a replicable and promotable application model that covers both online and offline areas. The digital RMB, which exists in the form of deposits and is protected by deposit insurance, will have a wider range of application scenarios. ”Liu Xiaochun analyzed that for individuals, the application scenarios of digital RMB in the past were mainly focused on retail payments. If digital RMB is used for financial investment, an additional "cash to deposit" operation step needs to be performed through the backend. As a digital deposit, the digital RMB itself exists within the banking system and can be directly used for wealth management and investment without additional procedures, without affecting its original convenient payment function. This also allows many businesses and enterprises to have a more convenient experience in fund management and scheduling. Optimizing the "dual layer architecture" is different from the technological route of "decentralization" and "disintermediation" of encrypted assets. China's digital RMB has successfully experimented with a dual layer operation system of "central bank commercial institution" globally. The Action Plan further optimizes this "dual layer architecture". At the top level of the central bank, the central bank is responsible for formulating business rules and technical standards for digital RMB, while the central bank undertakes the planning, construction, and operation of related infrastructure; At the second tier business operation institution end, commercial banks open digital RMB wallets for individuals and organizations, responsible for the security of customers' digital RMB, providing circulation payment services, assuming corresponding compliance and anti money laundering responsibilities, and including digital RMB in the scope of deposit insurance, enjoying the same security protection as deposits. Guan Tao, Global Chief Economist of Bank of China Securities, believes that the upgrade of the dual layer structure will greatly enhance the enthusiasm of commercial banks to participate in promoting digital RMB. In the era of 1.0, the main body of digital RMB liabilities was the central bank, while commercial banks had to bear the responsibility of handling daily business for their accounts, but could not include this part of the business in their own balance sheets to obtain benefits, resulting in unequal rights and responsibilities, "Guan Tao said. The Action Plan standardizes the measurement framework of digital RMB and includes the digital RMB of banking digital RMB business operators in the reserve system framework management. The balance of their digital RMB wallets is uniformly included in the deposit reserve base. Non bank payment institutions participating in the operation of digital RMB shall implement 100% digital RMB margin. The balance of the digital RMB wallet is classified into corresponding currency levels based on liquidity. This system arrangement is based on a "two-tier structure" and clarifies that the digital RMB held by customers in commercial bank wallets is a commercial bank liability based on accounts. In this way, commercial banks can independently carry out asset liability management of digital RMB wallet balances like general liabilities, achieving compatibility of rights and responsibilities. ”Guan Tao further explained that incorporating digital RMB into the regular management framework not only clarifies the responsibilities and symmetrical rights of operating institutions, but also effectively prevents financial disintermediation and shadow banking risks, and enhances the security of digital RMB. Unlike the pure blockchain technology model explored by some international organizations and central banks, China's development of digital RMB adheres to the advantages of compatible account management and blockchain efficiency. Based on accounts, it uses digital technologies such as smart contracts to achieve lower cost and higher efficiency digital currency payment services. On the basis of the account, the comprehensive application of digital technologies such as digital coin strings, smart contracts, and blockchain has enabled the digital RMB to enter the digital payment era from electronic payment. Guan Tao believes that China has connected emerging payment technologies with existing regulatory rules on the development path of digital RMB with minimal friction costs. While grasping the new market demand for digital currency and the new trends in the evolution of the international monetary system, the implementation of the Action Plan has further improved the management performance and service capabilities of digital RMB. It is worth noting that blockchain technology has technical characteristics such as tamper proof, traceability, multi-source information sharing, and multi-party peer-to-peer cooperation, which have advantages in applications such as securities settlement, property transfer, transaction registration, and supply chain finance. The Action Plan proposes to establish a digital RMB international operation center in Shanghai and further promote multilateral central bank digital currency bridges, which is one of the practical applications of blockchain technology at the level of digital RMB, aiming to improve cross-border payment efficiency through new financial technology means. As a deposit currency, digital RMB solves the difficulties and bottlenecks of cash currency in cross-border payment settlement, and is more easily accepted by individuals, especially enterprises and overseas banks. This will play a greater role in promoting the internationalization of RMB, "said Liu Xiaochun. As of the end of November 2025, multilateral central bank digital currency bridges have processed a total of 4047 cross-border payment transactions, with a cumulative transaction amount equivalent to RMB 387.2 billion. Among them, digital RMB accounts for about 95.3% of the transaction amount in various currencies. Guan Tao believes that in the future, commercial banks will further develop the application of digital RMB in the field of cross-border payments, improve payment efficiency, reduce transaction costs, and benefit from obtaining greater benefits in cross-border trade. (New Society)