Where does the interest for digital RMB come from?

Digital RMB was initially clearly defined as M0 (digital cash), which does not accrue interest. This was to avoid disrupting the banking deposit system.

With the upgrade of the scheme, the central bank has effectively introduced a new intermediate form, "Digital Deposit Money" (not traditional savings/deposits, nor cash).

There are three key changes:

a. Account-based
Digital RMB is gradually transitioning from a "wallet-like" form to an "account-based" form, and is incorporated into the bank's liability management and reserve considerations.

b. Can be priced by banks
Interest is not paid directly by the central bank but is accrued by commercial banks on wallet balances of specific levels and forms, under compliance conditions.

c. Policy goal change
Earning interest is not for providing users with higher returns but to give digital RMB the attribute of "long-term retention," rather than just a transfer tool.

Therefore, this is not a change in the central bank's original intention but a permission for digital RMB to extend from M0 towards a quasi-M1 form, without abandoning sovereign control.

Now, a key question: do ordinary people have the opportunity to participate?

Unfortunately, the answer is no.

The "interest-earning" feature of digital RMB will not, and is not intended to, become an alternative to wealth management products.

Although it appears similar to Yu'ebao on the surface, it is not a matter of choosing or not choosing. It is more like infrastructure rather than a financial product that requires active betting.

As for why emphasizing that digital RMB can accrue interest, it can be said and not said. But indeed, blockchain technology is used.