China moves with Russia and India
The Russian News Agency Russia Today (RT) reported yesterday that China, Russia, and India no longer want to use the Swift system for money transfers. For this purpose, it intends to connect its already existing payment systems to create its own network for fast payments.
Swift, short for Society for Worldwide Interbank Financial Telecommunication; It is a system that provides the standard of electronic fund transfer among banks all over the world. This system identifies each bank by means of BIC (Bank Identifier Codes) code. The Swift system was established in 1973 and in 1977 it actually started to work. Swift consists of an 8 or 11 digit code indicating the bank. Swift codes are standard throughout the world banking system.
RT reports that the Russian-based payment system SPFS will contact the Chinese payment system CIPS. India has not yet launched a similar project, but Indian engineers have begun preliminary preparations. India, meanwhile, plans to connect to the Russian-based international payment system.
In 2014, Russia began to work on the SPFS payment system on the threat that the US could stop using SWIFT. The first attempts of the new platform took place two years ago.
Some members of the Ripple community believe that XRP can be used instead of Swift as a new payment system among the three countries.
Ripple can be used instead of Swift for liquidity
While discussing the news of President Xi Jinping and the merger of Russia, China and India in the field of cross-border payments, some members of the XRP community began to think that XRP could be the cryptocurrency that could be chosen to provide liquidity in the new common system.
Russia, China & India to set up alternative to SWIFT payment system to connect 3 billion people.
Do you think China plans to bring in a Quantum Financial System with XRP to provide global liquidity?? pic.twitter.com/1IMKYAvmuZ
— MackAttack XRP 🇳🇱 (@MackAttackXRP) October 28, 2019
China is coming! 🇨🇳
— JackTheRippler🤫🐻🏦 (@RippleXrpie) October 28, 2019
The XRP prospects rather than Swift seem to be based on the Ripple meeting with representatives of the Bank of China in 2017.
— Ripple (@Ripple) August 28, 2017
China is about to launch its own digital money
As we mentioned in our news yesterday, the Bank of China (PBOC) is working on its own central digital currency, often called ‘China Coin’. Yesterday, Huang Qifan, Vice President of the China Center for International Economic Exchanges, announced the real name of the coin – DCEP – which means ‘digital currency electronic payment’ .
The People’s Bank of China has been studying digital currencies electronic payments (DCEP) for five to six years, said Huang Qifan, Vice President of China’s Center for International Economic Exchanges.
I believe this technology is maturing. The People’s Bank of China will probably be the first central bank in the world to issue digital money.