{"id":2956,"date":"2022-08-05T08:47:32","date_gmt":"2022-08-05T08:47:32","guid":{"rendered":"https:\/\/acudc.com\/?p=2956"},"modified":"2022-08-05T08:47:32","modified_gmt":"2022-08-05T08:47:32","slug":"china-vows-to-launch-the-worlds-first-national-digital-currency","status":"publish","type":"post","link":"https:\/\/acudc.com\/th\/china-vows-to-launch-the-worlds-first-national-digital-currency\/","title":{"rendered":"China vows to launch the world\u2019s first national digital currency"},"content":{"rendered":"

Global race to harness blockchain technology gathers pace<\/p>\n\n\n\n

\"China<\/figure>\n\n\n\n

The vice-chairman of the China Centre for International Economic Exchanges (CCIEE), Huang Qifan, says the country is determined to develop the world\u2019s first sovereign digital currency.<\/p>\n\n\n\n

In a speech Huang stated<\/a>: \u201cThe People\u2019s Bank of China has been studying DCEP (digital currency electronic payment) for five or six years, and I think the technology has matured. The People\u2019s Bank of China is probably the first central bank to introduce digital currency in the world.\u201d<\/p>\n\n\n\n

The announcement of a state-backed stablecoin follows last week\u2019s comments from President Xi Jinping, emphasising the importance of blockchain technology and the need to accelerate its development throughout China. Xi\u2019s support for the technology saw Bitcoin (BTC<\/a>) surge from a monthly low of $7430.87 (\u00a35785.68, \u200e\u20ac6714.73) to a monthly high of $9548.84 (\u00a37444.28, \u200e\u20ac8615.11).<\/p>\n\n\n\n

Cryptocurrencies are currently banned in China following a 2017 law from the ruling Chinese Communist Party (CCP), which disliked their decentralised nature and innate privacy. A state-backed digital currency, still utilising blockchain technology, is seen as an acceptable alternative.<\/p>\n\n\n\n

In a challenge to Facebook\u2019s Libra stablecoin, Huang Qifan outlined his belief that national governments and central banks, not corporations, should issue digital currencies and control the emerging digital monetary system. He spoke of the possibility of forming a new rule whereby digital currencies could be linked not only to existing fiat-currencies but also to sovereign credit, fiscal revenue, national GDP and gold.<\/p>\n\n\n\n

Huang also spoke of China\u2019s desire to free itself of American technology and systems in the cross-border liquidation of the Chinese renminbi (RMB). He criticised the hegemonic pro-US nature of the Clearing House Interbank Payments System (CHIPS) and the Society for Worldwide Interbank Financial Telecommunication (SWIFT).<\/p>\n\n\n\n

\u201cSWIFT is an outdated, inefficient and costly payment system,\u201d he said. \u201c Since the establishment of SWIFT 46 years ago, the technology has been updated slowly and the efficiency has been relatively low. International wire transfers usually take three to five business days to arrive. At the same time, SWIFT usually charges a fee of one ten-thousandth of the settlement amount, and has obtained huge profits by virtue of the monopoly platform.\u201d<\/p>","protected":false},"excerpt":{"rendered":"

Global race to harness blockchain technology gathers pace The vice-chairman of the China Centre for International Economic Exchanges (CCIEE), Huang Qifan, says the country is determined to develop the world\u2019s first sovereign digital currency. In a speech Huang stated: \u201cThe People\u2019s Bank of China has been studying DCEP (digital currency electronic payment) for five or six …<\/p>\n

China vows to launch the world\u2019s first national digital currency<\/span> Read More »<\/a><\/p>","protected":false},"author":1,"featured_media":2940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[15,9],"tags":[],"_links":{"self":[{"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/posts\/2956"}],"collection":[{"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/comments?post=2956"}],"version-history":[{"count":1,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/posts\/2956\/revisions"}],"predecessor-version":[{"id":2957,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/posts\/2956\/revisions\/2957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/media\/2940"}],"wp:attachment":[{"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/media?parent=2956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/categories?post=2956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acudc.com\/th\/wp-json\/wp\/v2\/tags?post=2956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}