Deputy Governor of the People’s Bank of China (PBC) explained in detail how the digital yuan integrates with blockchain technology within China’s new monetary reform framework. Accordingly, China will implement the new Action Plan effective from 1/1/2026, upgrading e-CNY from digital cash to a digital deposit model. The e-CNY operates on a two-tier structure between the central bank and commercial banks, and is linked to the current reserve and deposit insurance systems.
This account-based model is compatible with blockchain and smart contracts, enabling programmable payments and increased traceability. This approach helps improve payment efficiency, support cross-border transactions, and strengthen risk control, thereby better serving the real economy.
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