China is advancing its digital RMB with a new Action Plan effective January 1, 2026, as explained by the Deputy Governor of the People's Bank of China (PBC). The digital currency is being upgraded from digital cash to a digital deposit money model, adopting a two-tier architecture involving both the central bank and commercial banks. This system integrates with reserve and deposit insurance frameworks and is compatible with blockchain and smart contracts. The initiative aims to enhance payment efficiency, facilitate cross-border transactions, and bolster risk management, ultimately supporting the real economy. The account-based framework of the e-CNY is designed to leverage blockchain technology to achieve these goals.