Bank of China will be the first in the world to issue a national cryptocurrency

From 27 to 29 October, a summit is being held in Shanghai, at which modern financial technologies are discussed. There, CCIEE Vice Chairman Huang Kifang announced that China plans to launch its own national digital currency.

The China Center for International Economic Exchange, or CCIEE, is a deep financial analytics company in the field of international trade. It was founded in 2009 and often provides consulting services to large Chinese and international organizations.

One of the heads of the company, during a speech at the forum, analyzed the existing blockchain industry and the money transfer market. According to him, such existing exchange systems as SWIFT and CHIPS are outdated not only morally, but also technologically. So, SWIFT was created more than 40 years ago, and transactions in its network take 3-5 days. In addition, users have to pay a commission.

Huang Qifang is confident that blockchain-based technologies will replace inefficient services. At the same time, as the specialist assures, the cryptocurrency should not be decentralized, as this makes it unstable.

Citing the experience of the Libra cryptocurrency, the head of the CCIEE states that such projects will never be successful. The main problem of such projects is the lack of security and high volatility.

The central bank of China has been considering launching its own digital currency for several years now. Such an asset will be provided by the growing Chinese economy and will be able to attract additional investors to the countrys financial sector.