Economics & Finance / Finance & Investment / Digital Currency & FinTech

10 Years in the Making: From Digital Cash to Deposit Money—The Ambition of CBDC

The e-CNY has officially transitioned from the "1.0 Digital Cash" era to the "2.0 Digital Deposit" era. As of January 1, 2026, real-name wallets began accruing interest and were integrated into commercial bank balance sheets, marking a strategic shift from a "cost center" to a "profit center". Internationally, the mBridge (Multi-CBDC Bridge) project has reached significant milestones; by the end of 2025, cumulative transaction volume hit 477.8 billion RMB, with e-CNY dominating at a 96% share. By synergizing CIPS with mBridge and utilizing smart contract technology, China is building a highly efficient, low-cost global financial infrastructure independent of the traditional SWIFT system