Chinese Central Bank Digital Currency

Chinese central bank will be the first to successfully launch its own Central Bank Digital Currency (CBDC), states an executive at a Chinese economics think tank. According to Chinese technical news, the central bank of China will win the race for the first digital currency of the central bank. This statements also might relate to recent report of vice Chairman of China Centre for International Economic Exchanges. He expressed dissatisfaction with the current dependence on SWIFT and CHIPS payment systems in the USA. According to his words, SWIFT is an outdated and costly payment system. Since the establishment, the technology has been updated slowly and the efficiency has been relatively low.

*SWIFT(Society for Worldwide Interbank Financial Telecommunications) this system allows financial institutions around the world to send and receive information on financial transactions in a secure manner.

*CHIPS(Clearing House Interbank Payments System) a private American financial institution, designed for large transfers.

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