China to Be First to Launch Digital Currency

Must Read

Bitcoin Eyeing $11800 After Intense Drop

As we saw earlier today, Bitcoin started by declining from $11349 to $11176, roughly 1.76%.

USDT Is A Game Changer For Online Poker

CoinPoker - the flagman of the industry, the biggest and the oldest pure crypto poker...

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

An executive at a Chinese economics think tank has said that China’s central bank will be the first to launch a digital currency successfully.

According to Chinese tech news outlet Pandaily, Huang Qifan, vice chairman of China Center for International Economic Exchanges (CCIEE), confidently believes that China’s central bank will win the race for the first central bank digital currency (CBDC). 

A digital renminbi to replace SWIFT

Qifan’s remarks came at the Inaugural Bund Financial Summit of 2019 in Shanghai. Per the report, Qifan was dissatisfied with current dependence on the United States’ SWIFT and CHIPS payments systems, on which cross-border exchange of the renminbi currently depends. His complaints were on the basis of both U.S. sanctioning using the platforms and their technical limitations. He said:

“SWIFT is an outdated, inefficient and costly payment system. Since the establishment of SWIFT 46 years ago, the technology has been updated slowly and the efficiency has been relatively low.”

The bank’s progress with its digital currency

China’s central bank first announced that its digital currency was ready in August. In September, the central bank said in apparently contradicting comments that China has no specific launch date in mind for its digital currency. According to Global Times, PBoC still needed time to research, test, evaluate and prevent risks.

The Standing Committee of the 13th National People’s Congress in China recently passed a new law regulating cryptography on Oct. 26 that will take effect on Jan. 1, 2020. The new regulation has also been rumored to be part of preparations for the upcoming Chinese CBDC.

Critics have noted that the CBDC in question is not an actual cryptocurrency. As Coinworld360 reported in August, it will be powered by a two-tier operating system, which will not be fully decentralized.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company dedicated to artificial intelligence and...

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...