Mu Changchun: Under the value model of digital renminbi, intelligent payments can be provided on the blockchain, and future development will deepen in areas such as smart contracts

ChainCatcher news, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, recently pointed out in an article in the "Current Affairs Report" that the digital renminbi features a dual-layer operational framework, combining both account and value models. In the future, the digital renminbi will deepen its development in areas such as cross-border payments and smart contracts, aiding in the internationalization of the renminbi and the construction of a unified domestic market.

The digital renminbi integrates both account and value models and achieves a unified ledger through data capability construction: under the account model, it can be integrated and interconnected with the traditional banking account system; under the value model, it can facilitate value exchange in the form of currency strings, providing smart payments on the blockchain and usable in extreme offline scenarios such as "no network" and "no electricity," optimizing traditional trade finance processes and supporting cost reduction and efficiency enhancement.