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China’s role in central bank digital currency

According to the CCIEE of China centre, Huang Qifan having strong ties to the government said that China will be the central bank in the world for issuing sovereign digital currency.

Huang Qifan

He gave this statement in the inaugural bund summit 2019. Huang Qifan also stated that Bank of China of people is studying digital currency from five to six years. That means that China's people’s transactions were monitored and probably still being monitored for studying digital currency and also other structures too. 

Huang Qifan shared his concerns about the SWIFT payment system and Facebook’s Libra stablecoin. He said that SWIFT is outdated, costly and inefficient system.

Swift was found 46 years ago and it was updated very slowly according to latest technology. He also stated that SWIFT’s efficiency was too low and international wire transfer usually takes 3 to 5 days to reach. He said that large transfers usually required documents so because of that payment system is slow and large scale transaction cannot be done effectively on SWIFT.

On the LIBRA, Facebook's transaction system, he stated that the value of currency cannot be stabilized and it’s difficult for social wealth. That means it’s not transparent system. According to all of his statements look like they are developing and wanting to come to leading position in this technology.

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