The latest move by the central bank's digital renminbi has attracted attention—balances can now earn interest. But there's a common point of confusion: the "smart contract" feature of the digital renminbi is entirely different from smart contracts on public blockchains like Ethereum.

Specifically, the digital renminbi operates based on a brand-new account system, jointly managed by the central bank and major banks, maintaining "the same ledger." The interest rules are also clear: only certain wallets—types one, two, and three—after completing real-name verification, can earn interest. Type four wallets (anonymous wallets) cannot enjoy this benefit. This also opens up new possibilities—third-party platforms like WeChat and Alipay may later integrate digital renminbi wallet functions.

This centrally controlled programmable currency system, compared to open decentralized cryptocurrencies, has significant differences in technical architecture, regulatory approach, and privacy protection. One emphasizes central control, the other pursues decentralization; one is based on legal credit, the other on cryptographic consensus. So the question is—looking at long-term development, which of these two routes is better suited to the future financial ecosystem?