Smart contracts for the Digital Renminbi enter a new stage with Solidity support

According to the latest information from sources familiar with the matter, the account-based smart contracts of the Digital Renminbi have been revealed to support development in multiple programming languages, including Solidity. This announcement suggests significant progress in the technological deployment of central bank digital currencies.

Fundamental Differences from Public Ledger-Based Systems

Smart contracts for the Digital Renminbi and those on public blockchains may appear similar at first glance, both being code systems that execute automatically under certain conditions. However, the fundamental difference lies in the implementation of Turing completeness. Public blockchains support fully Turing-complete languages, whereas the Digital Renminbi is currently designed within a restricted Turing-complete framework.

This design choice is driven not by technical constraints but by policy considerations. Programming is strictly limited to templates approved by the central bank, ensuring predictability and security.

Possibility of Supporting Multiple Languages

Supporting various programming languages, including Solidity, is technically feasible. From an implementation perspective, diversifying languages enhances developer convenience and lowers entry barriers. However, in actual operation, the primary challenge is designing standard access methods and audit mechanisms acceptable to the financial system.

In other words, the core issue is where to set the balance between technological flexibility and financial security. Supporting languages like Solidity means expanding the user and developer base, but meeting regulatory requirements such as monitoring, control, and auditing is crucial for implementation.

New Framework for Smart Contract Operations

Future Digital Renminbi systems are expected to go beyond merely expanding language support, integrating audit mechanisms with the financial regulation framework. An architecture that maintains compatibility with existing financial infrastructure while leveraging the flexibility of blockchain technology is needed.

With the realization of language support including Solidity, the smart contracts of the Digital Renminbi will evolve into a more accessible platform for more financial institutions and developers. However, this increased freedom will inevitably require making monitoring and control mechanisms even more robust.