The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

China Announces Imminent Release of Digital Currency Targeting SWIFT and the US Dollar

by Daily Hodl Staff
October 28, 2019
in Regulators

Huang Qifan, vice chairman of the China Center for International Economic Exchanges (CCIEE), says he doesn’t think the Facebook-led Libra stablecoin project will be successful.

That would leave the door open to the country’s central bank to create a powerful government-backed digital currency on the world stage.

Huang says the People’s Bank of China is getting closer to launching its blockchain-enabled financial technology and will most likely make China the world’s first country to issue a usable digital currency.

Huang, whose comments came during the Inaugural Bund Financial Summit of 2019 held in Shanghai between October 27 – 29, according to a report by Pandaily, says that the existing infrastructure used by enterprises for payments and settlements must be updated.

Huang points out that the international liquidation of the Chinese yuan still depends heavily on SWIFT (Society for Worldwide Interbank Financial Telecommunication), the global leader in facilitating secure bank-to-bank messages, and CHIPS (Clearing House Interbank Payments System). He also claims that the two financial systems are used by the US to control the global economy. Says Huang,

“SWIFT is an outdated, inefficient and costly payment system. 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 3-5 business days to arrive.

Large remittances usually require paper documents, which presents additional difficulty for processing large-scale transactions effectively. 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.”

By leveraging SWIFT, the US can achieve political objectives and maintain control over the global financial system. For example, in 2017, US Treasury Secretary Steven Mnuchin threatened to block China from the financial system if it didn’t abide by new North Korea sanctions.

Said Mnuchin,

“If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the U.S. and international dollar system, and that’s quite meaningful.”

He added,

“…economic warfare works”. 

But a lot has changed since 2017. The rise of digital payments, blockchain-based infrastructure, cryptocurrencies and fintech solutions for banking services are rewriting the rules of the game.

Adversaries seeking to skirt the weaponization of the US dollar are using technology to build alternatives to the current US-dominated system. According to a report by Seeking Alpha,

“Documented de-dollarization efforts are now underway in China, Russia, Venezuela, Iran, India, Turkey, Syria, Qatar, Pakistan, Lebanon, Libya, Egypt, Philippines and more.”

Huang believes China will prevail and that Libra, a potentially formidable rival with a user base of over two billion, is a no-go.

“In the digital age, some companies tried to challenge sovereign currency by establishing financial products such as Bitcoin and Libra. This decentralized currency based on blockchain is out of sovereign money. The basis of the issuance cannot be guaranteed, the value of the currency cannot be stabilized and it is difficult to truly form social wealth. I do not believe that Libra will succeed.”

Huang says that the best way for sovereign countries to reinforce monetary distribution rights is by having the central banks issue national digital currencies because this type of medium of exchange can improve security and provide greater convenience. 

Sovereign digital currencies may also be linked to sovereign credit with national GDP, fiscal revenue and gold, Huang suggests. While such solutions are highly centralized and can bring efficiencies to the traditional banking system, they’re counter to the core principles of Bitcoin and cryptocurrencies that reject corporate controls, middlemen, third-party intervention and government oversight.

Financial leaders at the Bund Summit also discussed other issues related to financial inclusion, fintech and challenges faced by the evolving global economy.

According to Tu Guangshao, executive chairman of Bund Summit Organizing Committee,

“The global economy and finance are now in a new environment and facing new challenges. Against the backdrop of economic downturn, rising protectionism and turbulence in the financial ecosystem, it is even more necessary to communicate, seek consensus and jointly tackle the common challenges. Globalization is inexorable and global financial cooperation needs to move forward.” 

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • MultiBank Group Confirms MBG Token TGE Set for July 22, 2025
    July 11, 2025
  • PEPESCAPE Launches Crypto Presale, Combining Memecoin Culture With Decentralized Finance Ecosystem
    July 10, 2025
  • Aptos Labs Expands Leadership With New Chief Business Officer
    July 10, 2025
  • Falcon Finance Unlocks Real-World Asset Utility With First Live USDf Mint Using Tokenized Treasuries
    July 10, 2025
  • MBG Token Pre-Sale Set for July 15 – Only Seven Million Tokens Available at $0.35
    July 10, 2025
  • YZi Labs Invests in Aspecta To Pioneer Universal Price Discovery Infra for Trillion Illiquid Assets
    July 10, 2025
  • NovaEx Launches With a Security-First Crypto Trading Platform Offering Deep Liquidity and Institutional-Grade Infrastructure
    July 9, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$117,928.60
$117,928.60
0.08%
Ethereum
$2,969.57
$2,969.57
0.48%
BNB
$693.64
$693.64
1.01%
Solana
$162.97
$162.97
0.44%
XRP
$2.77
$2.77
7.16%

Spotlight

  • Billionaire Ray Dalio Warns ‘Painful Disruptions’ Incoming as US National Debt Set To Shatter $425,000 per Household
    July 5, 2025
  • Ancient Bitcoin Whales Abruptly Come Alive, Move $2,183,000,000+ in BTC After Lying Dormant for 14+ Years: On-Chain Data
    July 5, 2025
  • Bitcoin ‘Very, Very Likely’ To Hit $250,000 or Higher, Says Crypto Trader Michaël van de Poppe – Here’s His Timeline
    July 5, 2025
  • US Lawmakers Probe $870,000,000 in Customer Losses on Zelle, Targeting JPMorgan Chase, Bank of America and Wells Fargo’s Reimbursement Practices
    July 5, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl