💥 China will allow interest on digital yuan (e-CNY) holdings starting 2026. 📊💱
This marks a structural shift.
CBDCs were designed as non-interest-bearing digital cash.
By adding yield, e-CNY moves closer to a state-backed, programmable deposit instrument.
Key implications:
▪ CBDCs enter direct competition with stablecoins + on-chain yield
▪ monetary policy extends into programmable incentives
▪ the monetary divide becomes explicit:
➡ permissioned, rule-based money
➡ permissionless, neutral money
The discussion is no longer digital vs. crypto.
It is about monetary design and control.