An executive at a Chinese economics think tank has said that China's central depository financial institution will be the showtime to launch a digital currency successfully.

According to Chinese tech news outlet Pandaily, Huang Qifan, vice chairman of China Center for International Economic Exchanges (CCIEE), confidently believes that China's central banking company will win the race for the first fundamental depository financial institution digital currency (CBDC).

A digital renminbi to replace SWIFT

Qifan'southward remarks came at the Inaugural Bund Financial Summit of 2019 in Shanghai. Per the report, Qifan was dissatisfied with current dependence on the United States' SWIFT and Chips payments systems, on which cantankerous-edge commutation of the renminbi currently depends. His complaints were on the basis of both U.S. sanctioning using the platforms and their technical limitations. He said:

"SWIFT is an outdated, inefficient and costly payment system. Since the establishment of SWIFT 46 years agone, the engineering science has been updated slowly and the efficiency has been relatively depression."

The bank's progress with its digital currency

People's republic of china's central bank first announced that its digital currency was ready in Baronial. In September, the central bank said in plainly contradicting comments that China has no specific launch date in listen for its digital currency. According to Global Times, PBoC still needed time to research, test, evaluate and prevent risks.

The Continuing Committee of the 13th National People's Congress in China recently passed a new law regulating cryptography on Oct. 26 that volition take outcome on Jan. 1, 2020. The new regulation has also been rumored to exist part of preparations for the upcoming Chinese CBDC.

Critics accept noted that the CBDC in question is not an actual cryptocurrency. Every bit Cointelegraph reported in August, it will be powered by a 2-tier operating arrangement, which will not be fully decentralized.

Additional reporting by Kollen Post