China’s CCIEE Chair (China Center for International Economic Exchanges) Huang Quifan, stated that his country will launch the first-ever blockchain-based central digital currency. He also stated that he doesn’t believe in Facebook’s potential digital currency will be needed in the markets as a current payment method as we are reading further in the coming altcoin news.
China’s CCIEE Chair spoke at the Inaugural bund Financial Summit of 2019 which is taking place in Shanghai. Blockchain was one of the most discussed topics and he pointed out there are a lot of advantages of this technology. According to him, the People’s Bank of China has been trying to understand digital electronic payment systems for more than six years and they strive to become the first central bank to introduce a digital currency to the world.
According to Huang, government-issued digital currencies will help the sovereign states to reinforce monetary distribution rights and he pointed out that in order to improve security, China’s new digital currency will be linked to its national GDP, gold, fiscal reserve, and sovereign credit. Initially, China’s central bank announced that they will launch a government-backed cryptocurrency this November in order for it to be used by major corporations in the country. The president of the country Xi Jinping announced that China should adopt more blockchain-based technologies and since then the price of the altcoins spiked.
Huang talked about the current payment systems and noted that they might not be relevant anymore. SWIFT is inefficient and outdated and a costly payment system.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 wire transfers usually take up to 5 days to arrive. The large remittances usually require paper documents that pose a serious difficulty for processing large-scale transactions. In the meantime, SWIFT usually charges a fee on the settlement amount and has obtained huge profits because of monopoly.
Huang also discussed Libra and said that Facebook’s potential digital currency has been through some regulatory issues and backlash since it was announced earlier this year. He expressed his disbelief that Libra will become successful with this many obstacles having yet to be cleared.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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