#China launches a revolution in the world of digital payments, ushering in a new era of speed and monetary sovereignty – transfers are completed in just 7 seconds!
In a surprising move, China announced the linking of the digital yuan with 16 Asian and Arab countries, bypassing the traditional American SWIFT system.
Here are the top 10 facts that shake the foundations of the global economy:
1. China connects its digital system with 10 countries in Asia and 6 in the Middle East, covering 38% of global trade outside of SWIFT.
2. Settlement time has decreased from 3-5 days to just 7 seconds thanks to blockchain technologies.
3. Fees were reduced by 98% in the first trial between Hong Kong and Abu Dhabi.
4. The digital yuan operates without intermediaries, relying on distributed ledger technology (DLT), increasing transparency and efficiency.
5. The system enforces automatic anti-money laundering measures, raising concerns in the West.
6. The first cross-border payment was completed in 8 seconds between China and Indonesia as part of the 'Two Countries, Two Parks' project.
7. A 75% decrease in settlement costs in the energy sector in the Middle East.
8. 5.8 trillion yuan in settlement volume with ASEAN in 2024 – an increase of 120% from 2021.
9. The digital yuan is actively used in Belt and Road projects, railways, and quantum communications.