Hao Yi, Bank of China Research Institute: Central Bank's Digital Currency Will Affect SWIFT System

According to an October 4 report, Hao Yi, a researcher at the Bank of China Research Institute, said the digital bank will affect the SWIFT system. He believes that the digital banking system is a major improvement over the existing electronic payment system. Meanwhile, in cross-border payments, digital blockchain-based applications have improved the efficiency of payments by increasing the usual SWIFT payment time from days to seconds. On the other hand, the delivery costs are reduced. The changes brought about by technological advancements cannot be overshadowed by political interference. Thus, if a digital bank were to be used for cross-border payments, it would have a greater impact on the SWIFT system. Note: The Association for Global Financial Dialogue (SWIFT) is a collaborative organization for the development, export and modification of payment processes. Global telephone communication has become the most important source (of information) for global financial communication. Payment and payment system.