Caixin: Digital Yuan Smart Contracts Differ from Ethereum's Smart Contracts, Not Built on Blockchain Network

Odaily News Starting January 1st, the balance in digital yuan wallets will begin accruing interest. It is reported that its smart contracts are different from the "on-chain" smart contracts made famous by Ethereum and built on blockchain. Senior digital yuan experts point out that the digital yuan is not built on blockchain but is based on a newly designed account system. The central bank and commercial banks jointly maintain "the same ledger." By loading "smart contracts that do not affect monetary functions," the digital yuan achieves programmability, supporting features such as targeted payments and automatic execution.

Furthermore, Caixin disclosed that currently, only real-name verified digital yuan wallets can accrue interest. This means that first, second, and third-category wallets can earn interest, while fourth-category non-real-name wallets do not (as the fourth-category wallet cannot confirm the owner). After January 1st, the mobile banking apps of various participating operating banks, as well as payment platforms like WeChat and Alipay, will gradually gain the authority to open digital yuan wallets. (Caixin Network)