The Vice Chairman of China Center for International Economic Exchanges (CCIEE) Huang Qifan convinced that China’s central bank digital currency (CDBC) will be the first in the world official CDBC, local outlet the Pandaily reports.
At the Inaugural Bund Financial Summit of 2019, Huang Qifan notes that right now, giving the boost of digitalization, the payment and settlement methods between enterprises and countries need to be reshaped.
"SWIFT is an outdated, inefficient and costly payment system. International wire transfers usually take 3-5 business days to arrive. Large remittances usually require paper documents, which presents additional difficulty for processing large-scale transactions effectively," Huang said.