Chinese Digital Yuan vs SWIFT: 7-Second Disruption
The Chinese digital yuan is, at the time of writing, actually revolutionizing cross-border payments with remarkably fast transaction speeds of just about 7 seconds or so, which is directly challenging the traditional SWIFT system’s long-standing dominance in global finance. This central bank digital currency (CBDC) has now, as of recently, connected China to around 16 countries across Southeast Asia and also the Middle East, potentially allowing approximately 38% of global trade to bypass the old and established SWIFT networks and, of course, US dollar settlements. Also Read: Morgan Stanley and Charles Schwab Dive Into Crypto While Bitcoin Hits 97K How China’s CBDC, Blockchain, And SWIFT Race Reshape Finance The digital Chinese digital yuan, which is also sometimes referred to as e-CNY, currently offers significantly faster and, frankly, much cheaper cross-border transactions than the traditional methods we’ve been using for decades. While SWIFT transfers typically tak...