China to Be First to Launch Digital Currency

Must Read

Top 5 DeFi Wallets in the Market Right Now

DeFi is arguably the hottest space in the entire cryptocurrency and blockchain ecosystem right now....

Gen2 Technologies’ Iris Media Network Signs Up Colin Garrett Racing

SPARKS, Nev., April 14, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is pleased to...

Ethereum Blockchain: Current news and prediction round the future

 Ethereum is more sheltered than you may think, but by means of a decentralized app or exchange that hasn't...
- Advertisement -
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“SWIFT is an outdated, inefficient and costly payment system.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

Top 5 DeFi Wallets in the Market Right Now

DeFi is arguably the hottest space in the entire cryptocurrency and blockchain ecosystem right now....
- Advertisement -Earn Free Bitcoin

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...

DigiShares Releases Industry Report on Real Estate Tokenization

DigiShares, a white label security token issuance solutions provider, has released a detailed report outlining the state of the global...

Gen2 Technologies (MNIZ) To Hold Quarterly Update

SPARKS, Nev., March 29, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) wishes to inform its loyal shareholders that it...

Digital Securities & Tokenization Summit Announced for May 2021

Press Release 24 March 2021 DigiShares, the end-to-end white-label platform for...