Recently, there has been news that the six major banks will pay interest on digital renminbi. Many people are starting to worry that this might be the "state team" stepping in to compete for market share. Actually, there's no need to over-interpret this; the underlying logic of this matter is much clearer than it appears on the surface.

Starting from January 1, 2026, the six major state-owned banks will officially offer savings interest on digital renminbi wallet balances, with an interest rate set at 0.05%. At first glance, it does sound new, but the key point to understand is: digital renminbi and the crypto assets we invest in are fundamentally on different tracks.

The essence of digital renminbi is a "modernized fiat currency." Its specific problems to solve are—convenient daily payments, tracking of fund flows, and financial inclusion. In simple terms, it’s about moving offline cash online, with some programmable features added. As for crypto assets, they follow a completely different path: decentralized networks, global liquidity, asset appreciation expectations, and high volatility are inherent characteristics of this ecosystem.

One is infrastructure-level financial innovation, and the other is a growth tool for asset allocation. Their regulatory frameworks, application scenarios, and risk-return profiles are all different. In short, the promotion of central bank digital currencies and the development of the crypto asset market each have their own ecosystems.

What truly deserves attention is the policy signals behind them—differences in how various countries view digital finance. These differences could influence the global digital asset allocation logic within 1-2 years. But that’s a topic for another time.