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Caixin: Digital RMB Different from Ethereum Smart Contracts, WeChat, Alipay to Obtain Wallet Opening Permissions
Summary: According to Caixin, starting January 1st, digital RMB wallet balances will begin to accrue interest. It is reported that its smart contracts are different from the well-known 'on-chain' smart contracts built on blockchain like Ethereum. Senior digital RMB experts point out that digital RMB is not built on blockchain, but based on a new account ...
According to Caixin, starting January 1st, digital RMB wallet balances will begin to accrue interest. It is reported that its smart contracts are different from the well-known 'on-chain' smart contracts built on blockchain like Ethereum. Senior digital RMB experts point out that digital RMB is not built on blockchain, but based on a new account system where the central bank and commercial banks jointly maintain a 'single ledger'. By loading 'smart contracts that do not affect the currency function', digital RMB achieves programmability, supporting functions such as directed payments and automatic execution. Additionally, only real-name authenticated digital RMB wallets can accrue interest currently, with categories one, two, and three eligible, while category four non-authenticated wallets do not accrue interest (category four wallets cannot confirm ownership). After January 1st, mobile banking apps of participating banks and payment platforms like WeChat and Alipay will gradually obtain permissions to open digital RMB wallets.
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Link: Caixin: Digital RMB Different from Ethereum Smart Contracts, WeChat, Alipay to Obtain Wallet Opening Permissions [Copy]
