China To Exit SWIFT and Launch Digital Yuan by 2023?

Feb 19, 2020 | Fiat Currency, Finance, News

We have been reporting on the progress of China’s digitized yuan for the past couple of years. While the progress has been steady it has been guarded or slow which ever you prefer.

Now it seems there is a clear path forward for implementation and release to no less than 10% of the nation by 2023. How this pandemic will impact the timeline is anybodies guess. COVID-19 (coronavirus) is putting the brakes on a great many day-to-day activities so, long term programs, blockchain development will have to be shelved, at least for the moment. Who cares about a digital currency when there are 760 million people in quarantine.

According to a report released by the International Data Center (IDC) over the next 3-5 years there will be a massive change in how the Chinese citizens conduct commerce. The Chinese government is moving their economic structure online. Listed below is are 10 predictions by IDC and what to expect during this very short timeline. If these deadlines are hit, this would mean that China has the “superstructure” in place and between now and 2025 is merely the testing and rollout phase.

  1. Cross-bor­der pay­ments: By 2023 40% of Chi­na’s first-tier fi­nan­cial in­sti­tu­tions will use blockchain net­works for node-to-node pro­cess­ing of cross-bor­der pay­ments, by­pass­ing SWIFT and cen­tral bank in­fra­struc­ture.
  2. Dis­trib­uted ad­min­is­tra­tion: Blockchain-based so­lu­tions will be in­creas­ingly ap­plied to le­gal and ju­di­cial mat­ters. By 2023, IDC sees 5% of Chi­na’s ju­di­cial ar­eas im­ple­ment­ing tests of blockchain vot­ing sys­tems.
  3. Spe­cial­ist ser­vice cer­ti­fi­ca­tion: By 2021 IDC ex­pects med­ical and health ser­vice providers and clients to reach con­sen­sus on blockchain ver­i­fi­ca­tion stan­dards, and 10% of med­ical and health or­gan­i­sa­tions to use these blockchain stan­dards for pub­lic ser­vices.
  4. Blockchain ser­vices: By 2023 Chi­nese en­ter­prises will in­vest USD$2.7 bil­lion in blockchain ser­vices (con­sult­ing, main­te­nance, sup­port etc.), ac­count­ing for 29% of en­ter­prise man­age­ment ser­vice ex­pen­di­tures.
  5. AI and the blockchain: By 2024 over 50% of Chi­nese com­pa­nies sur­veyed will ap­ply blockchain to ex­plain­able AI.
  6. Blockchain iden­ti­fi­ca­tion: By 2022 5% of Chi­nese adults will hav reg­is­tered for dig­i­tal iden­ti­fi­ca­tion based on blockchain tech­nol­ogy, for a mar­ket of 50 mil­lion peo­ple.
  7. Dis­trib­uted sup­ply chains:By 2024, 85% of Chi­na’s con­tainer ship­ments will be tracked us­ing blockchains, of which half will em­ploy blockchain-sup­ported cross-bor­der pay­ments.
  8. Dig­i­tal rights man­age­ment: By 2023 20% of Chi­nese dig­i­tal rights will be processed by con­tent cre­ators and dis­trib­u­tors us­ing the blockchain. This will in­crease trans­parency, pre­vent piracy and il­le­gal P2P shar­ing.
  9. Blockchain in­fra­struc­ture: By 2020 over 90% of or­gan­i­sa­tions in China will make use of BaaS plat­forms as their first choice for blockchain in­fra­struc­ture dur­ing blockchain ac­tiv­i­ties.
  10. Dig­i­tal cur­rency: By 2023 10% of Chi­nese cities will com­mence us­age of dig­i­tal cur­rency based on blockchain, ex­pe­dit­ing the growth of e-com­merce.

The timelines fit with what we have been saying, for the past 5-6 years, regarding the Federal Reserve Note losing it’s “world reserve currency” status. We have been pointing to 2025 as the timeframe for the changes to begin in earnest, a tipping point if you will, and there will be no turning back. The tide will have changed and nothing will stop it.

Maybe this is what COVID-19 (coronavirus) is all about. A bioweapon created to jump start the process of forcing the world into a cashless society. It is being reported that China is “cleaning and storing” (quarantine) currency due to it being a health hazard. What a great cover for pushing people into a cryptocurrency – the cash can not be used because it is a vehicle for carrying the disease.

by Rory from The Daily Coin

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