China Opens a New Era of Fast Payments and Digital Currency Sovereignty 🇨🇳
China has announced the connection of the digital yuan system with 16 countries in Asia and the Middle East, surpassing the American SWIFT system. This move enhances digital currency sovereignty and fast payments.
Key Facts
- *Connection of the Digital Yuan System*: China has connected the digital yuan system with 10 ASEAN countries and 6 countries from the Middle East.
- *Settlement Time*: The settlement time has decreased from 3-5 days to just 7 seconds using blockchain technology.
- *Transfer Fees*: Transfer fees have decreased by 98% in the first trial between Hong Kong and Abu Dhabi.
Impact of This Move
- *Enhancing Digital Currency Sovereignty*: This move enhances China's digital currency sovereignty.
- *Increased Efficiency*: This move increases the efficiency of cross-border payments and reduces costs.
- *Economic Expansion*: This move could contribute to the expansion of the Chinese economy.
