The decision could force global central banks to rethink CBDC design. On January 1, 2026, China crossed a line most central banks have deliberately avoided. That single decision moves e-CNY beyond “digital cash.” It begins to behave like digital deposit money. In doing so, it unsettles the long-standing consensus around how a Central Bank Digital Currency (CBDC) should function. In China, mobile payments already account for over 80% of daily retail transactions, meaning any shift in digital money design immediately affects real economic flows.

Source: dna January 22, 2026 13:42 UTC