Comments by "LoC28C" (@LoC28C) on "China Digital Currency Explained in 10 Minutes" video.

  1. What Richard is saying is correct as a person who has been in charged of all the money flowing in and out of the country from the biggest commercial bank in my country I know the in’s and out’s of how SWIFT work and the charges of SWIFT is almost forbidding in certain circumstances. The charges from SWIFT is not only high but sometimes it takes many days for money to flow from 1 bank in 1 country through to a third country (usually USA as most transactions are in USD) to my country and subsequently to the commercial bank that the receiver is using. Let me give you the magnitude of these charges for a small transaction let’s say you want to transfer USD 50 from say Naning a small city in China to say Trier in Germany and both of these people or customers are not using the mainstream international banks. The final recipient of the USD 50 may get as little as USD 10 or less out of the USD 50 when using the SWIFT system to transfer this money. It may also take up to a week or 10 days for this person to receive the money. If they are using the Digital Yuan, I hear that it can be free or almost free and the recipient can receive the money almost instantaneously.
    8