According to Caixin, the smart contracts of Digital RMB are different from the "on-chain" smart contracts built on blockchain and made famous by Ethereum. Digital RMB is based on a completely new account system and infrastructure, in which the central bank and commercial banks jointly maintain "the same ledger," forming a unified ledger platform. Digital RMB belongs to a non-blockchain smart contract system; as long as transactions occur within the closed-loop system of Digital RMB, automated payments and mandatory execution can be achieved.
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According to Caixin, the smart contracts of Digital RMB are different from the "on-chain" smart contracts built on blockchain and made famous by Ethereum. Digital RMB is based on a completely new account system and infrastructure, in which the central bank and commercial banks jointly maintain "the same ledger," forming a unified ledger platform. Digital RMB belongs to a non-blockchain smart contract system; as long as transactions occur within the closed-loop system of Digital RMB, automated payments and mandatory execution can be achieved.