The Asian country’s partnership with one of the world’s biggest payment company could mean several things. Still, sources claim that the new collaboration is due to China’s new move to create a digital currency for cross-border payments. Many people criticize SWIFT’s services because of the cost and time inefficiency. Still, if the firm successfully joins China’s central bank, that could signal a faster payment system for all users.
Despite the centralized financial system’s prominence globally, countries are looking to ease payments by introducing a decentralized payment system, the digital currency. China influenced most Central Bank Digital Currency trend the world sees today. Many countries want to be ahead in innovation and technology, leading to healthy competition amongst nations.
China’s partnership with SWIFT
Subsidiaries of the partners, alongside institutions like Digital Currency Research Institute, a body set up for studying digital currencies and PBOC’s clearing center, successfully came together to form and register a firm known as Finance Gateway Information Service. Still, not many understand the reason behind the company’s creation.
Read more: https://tokenhell.com/china-takes-steps-on-cbdc-with-recent-swift-collaboration/