China Officially Launches A Plan To Promote Its Own Payment System

[TEBTC]

 As international monetary tensions intensify, China is accelerating its offensive against the dominance of the dollar. Beijing officially launches a strategic plan to impose its own international payment system. This initiative marks a major turning point in redefining global financial flows, reinforcing China’s ambition for a multipolar economic order. By directly targeting the traditional networks dominated by the West, this maneuver now captures the attention of markets, governments, and major financial institutions

In Brief

China formalizes an ambitious plan to promote its own international payment system.

Shanghai becomes the nerve center for developing the CIPS network, a direct alternative to SWIFT.

Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad.

The project intends to reduce the BRICS’ dependence on the US dollar and consolidate their financial autonomy





https://www.cointribune.com/en/brics-china-officially-launches-a-plan-to-promote-its-own-payment-system/

[Tungbulu]

China has always seek to become autonomous in every areas and this is another bold step towards gaining/enhancing full financial autonomy as well as promoting a multipolar economical system. If China promotes/develops their own international payment system, they’ll drastically reduce their dependence on the dollar and making the yuan more dominant globally. If the CIPS is developed as a direct alternative to SWIFT, of course the yuan will definitely have an increased adoption as well as to use the yuan for direct cross border settlements. That’s a very bold step for the Chinese economy I must say.

[_act_]

As international monetary tensions intensify, China is accelerating its offensive against the dominance of the dollar.

What is China planning? We have bitcoin already. Why are they not going full force with making bitcoin the global payment and as one of the Chinese foreign reserve. They have the currency they can use already which is bitcoin.

But why is China even do not recognize bitcoin as a currency? The world should be careful of China.

Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad.

The project intends to reduce the BRICS’ dependence on the US dollar and consolidate their financial autonomy

This is what I am talking about. Even the currency swap of a thing is not good at all. China may only be looking for ways to let yuan overtake dollar and which is not also good. I do not like any fiat to be the dominant currency because we have bitcoin already.

It may not be a good project and I think they will fail as always. They should go for bitcoin if they do not have hidden agenda.

But with what Trump did, you will know that the present US president is like he is insane. US should know that without other countries support in the world, US is nothing.

[davis196]

What is China planning? We have bitcoin already. Why are they not going full force with making bitcoin the global payment and as one of the Chinese foreign reserve. They have the currency they can use already which is bitcoin.

But why is China even do not recognize bitcoin as a currency? The world should be careful of China.

When was China Bitcoin friendly? I don't remember China being crypto-friendly.
Is Bitcoin suitable to become a currency for international trade? Imagine BTC being widely adopted as a truly global currency(I mean being adopted by governments and big corporations as a means for payment). The Bitcoin price skyrocket, but the BTC blockchain would most likely get stuck and the transaction fees will go thru the roof.
China trying to promote the yuan as a global currency was a move that is pretty much expected. Every big economic superpower is trying to push it's national currency as the dominant global currency. This is pretty normal. However, I don't believe that the yuan is going to get global recognition.

[asriloni]

This indirectly said the de-dolarization intiated by BRICS is a complete bullshit.  

CIPS has been exist since long time, but always unable to fight Swift. It's nothing new, and growing slowly. Not sure it will able to meet SWIFT size in like one or two decades later.

[Dark.Look]

This is not something we couldn't expect to see from China, which we know is trying to have better economic power than the USA. Many people think China already has more power, while I don't think they can reach this goal anytime soon. Now, they want to have their own payment system instead of SWIFT.
I can imagine what's going to happen in China next. Unlike America, China is not banning many countries, and if they really launched the CIPS network, we can see more countries like Iraq, Syria, and other countries using this system. While America won't let them use the SWIFT.

[BIT-BENDER]

What is China planning? We have bitcoin already. Why are they not going full force with making bitcoin the global payment and as one of the Chinese foreign reserve. They have the currency they can use already which is bitcoin.

But why is China even do not recognize bitcoin as a currency? The world should be careful of China.

You have to look at it from the Chinese point of view. China aren't in control of Bitcoin and they are a well developed country, in fact they are considered to be amongst the global world power, you don't expect them to go all out on without focusing on their own currency the Chinese Yaun.

But still Bitcoin is very much highly regarded in China and they are a big force in the Crypto-currency community. But they aren't petty as Trump to use the Bitcoin friendliness scheme to get people on his side.

[Wexnident]

As international monetary tensions intensify, China is accelerating its offensive against the dominance of the dollar.

What is China planning? We have bitcoin already. Why are they not going full force with making bitcoin the global payment and as one of the Chinese foreign reserve. They have the currency they can use already which is bitcoin.

But why is China even do not recognize bitcoin as a currency? The world should be careful of China.

Because they don't see the need to? They can make their own, they probably have enough influence to make this a success themselves, I personally see no reason as well to push for Bitcoin when they have this capability, at least from a political and a business perspective. I mean it's not like Bitcoin is their country after all.

This is what I am talking about. Even the currency swap of a thing is not good at all. China may only be looking for ways to let yuan overtake dollar and which is not also good. I do not like any fiat to be the dominant currency because we have bitcoin already.

It may not be a good project and I think they will fail as always. They should go for bitcoin if they do not have hidden agenda.

But with what Trump did, you will know that the present US president is like he is insane. US should know that without other countries support in the world, US is nothing.

That's just how it goes lol. Unless we break free from the monopoly of super powers, we probably ain't seeing Bitcoin standing on top of them. And no again, they're not going for Bitcoin becase as you've said, they DO actually have hidden agendas. Or maybe not that hidden at all really, they just want to be the monopoly themselves and break away from the US.

[o48o]

-cut-
https://www.cointribune.com/en/brics-china-officially-launches-a-plan-to-promote-its-own-payment-system/

Even if that would technically work, i wouldn't put too much trust on China. There's no way to tell if Chinese yuan itself is been artificially pumped, and when that bubble would burst, some SWIFT alternative developed by them will burn everything connected to it. But it wouldn't happen right away, so i am assuming that this might as well work for a while.

But we know how thin skinned Chinese leadership is. Say wrong things about China and say bye bye to your assets you tried to send.

[avikz]

If I look at it from the Chinese point of view, I see nothing wrong in it. There is no mandate written me where that the countries need to only use the systems built by the west. If China is planning for their own payment network for international payment, that's great!

I see people are arguing that we already have Bitcoin, but China will definitely not depend on a decentralized payment method where they have no control. Probably no big countries will do that.

[pooya87]

One of the reasons why dedollarisation has been slowed down has been surprisingly China! They have always been trying to push their own fiat as the replacement for dollar and I don't think other countries are happy about it. The preference is BRICS which has another payment which is preferable IMO and China has been slowing that down as well!

In any case, having an alternative is already a fantastic thing for the world. Remember that not every country in the world is a member of BRICS or would be allowed in. They will have to choose a payment system controlled by someone else. Their choice so far has been SWIFT, it would be fantastic for them to have the Chinese thing as well.

[Helena Yu]

This indirectly said the de-dolarization intiated by BRICS is a complete bullshit.  

CIPS has been exist since long time, but always unable to fight Swift. It's nothing new, and growing slowly. Not sure it will able to meet SWIFT size in like one or two decades later.

I don't understand why they're always trying to revive their old project and after they revive it, there's no more update. I heard BRICS countries want to launch their own currency, now there's no more update after Trump threat to impose insane tariffs.

Yep CIPS has been exist since 2015 https://en.wikipedia.org/wiki/Cross-Border_Interbank_Payment_System

If Trump threat more tariffs for using CIPS, I they China will stop their idea again.

[Zlantann]

In Brief

China formalizes an ambitious plan to promote its own international payment system.

Shanghai becomes the nerve center for developing the CIPS network, a direct alternative to SWIFT.

Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad.

Having alternatives to SWIFT is not a bad idea because the global financial system needs more than one platforms.. The US has been using SWIFT to punish countries that are not aligned with them. An alternative to SWIFT will give other nations the choice to choose the platform that suits or favors them.

The project intends to reduce the BRICS’ dependence on the US dollar and consolidate their financial autonomy

BRICS is made up of many nations, and the biggest economies are China, India, and Russia. I don't think these nations have agreed to use the Yuan as the alliance's main currency. Each of them will want to promote their own currency, so I doubt they will accept Chinese money. A decentralized currency would have been better to be a BRICS single currency. Or they can just use local currency to trade with each other.

[Mate2237]

In Brief

China formalizes an ambitious plan to promote its own international payment system.

Shanghai becomes the nerve center for developing the CIPS network, a direct alternative to SWIFT.

Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad.

Having alternatives to SWIFT is not a bad idea because the global financial system needs more than one platforms.. The US has been using SWIFT to punish countries that are not aligned with them. An alternative to SWIFT will give other nations the choice to choose the platform that suits or favors them.

The project intends to reduce the BRICS’ dependence on the US dollar and consolidate their financial autonomy

BRICS is made up of many nations, and the biggest economies are China, India, and Russia. I don't think these nations have agreed to use the Yuan as the alliance's main currency. Each of them will want to promote their own currency, so I doubt they will accept Chinese money. A decentralized currency would have been better to be a BRICS single currency. Or they can just use local currency to trade with each other.

Even though all members may not be in support of using the yuan as the official currency of all the Brics blocks this is a very important move in making sure that China breaks out of any further usage of the dollar which has put America in favour of controlling global trade and transportation.



I think that the trade war too is contributing to this move because the United States of America has become a threat to the economic stability of major countries especially China and the Brics Nations so coming up with this kind of moves will reposition China in terms of global trade control

[Coyster]

This was expected amidst the trade war going on, especially the heightened war between the U.S. and China that has been going on for quite sometime now. China have been trying to knock the U.S. and the U.S. dollar off their perch for a long time, and this tariff war gives them another opportunity to allure other nations to look away from the U.S. dollar.

That said, we have to wait and see what the success rate of CIPS will be, and how many nations would be willing to settle international trades with the Yuan and China's own payment system. This war is going to last a long time and i don't think any of these powerhouses is going to back down.

[Zlantann]

In Brief

China formalizes an ambitious plan to promote its own international payment system.

Shanghai becomes the nerve center for developing the CIPS network, a direct alternative to SWIFT.

Beijing aims to strengthen the use of the yuan in cross-border trade and support its companies abroad.

Having alternatives to SWIFT is not a bad idea because the global financial system needs more than one platforms.. The US has been using SWIFT to punish countries that are not aligned with them. An alternative to SWIFT will give other nations the choice to choose the platform that suits or favors them.

The project intends to reduce the BRICS’ dependence on the US dollar and consolidate their financial autonomy

BRICS is made up of many nations, and the biggest economies are China, India, and Russia. I don't think these nations have agreed to use the Yuan as the alliance's main currency. Each of them will want to promote their own currency, so I doubt they will accept Chinese money. A decentralized currency would have been better to be a BRICS single currency. Or they can just use local currency to trade with each other.

Even though all members may not be in support of using the yuan as the official currency of all the Brics blocks this is a very important move in making sure that China breaks out of any further usage of the dollar which has put America in favour of controlling global trade and transportation.



I think that the trade war too is contributing to this move because the United States of America has become a threat to the economic stability of major countries especially China and the Brics Nations so coming up with this kind of moves will reposition China in terms of global trade control

China has always been seeking means to bypass SWIFT for a long time. However, it has not been easy since most of their trading partners still prefer trading using the dollars (SWIFT). But this move might help in promoting the Yuen.  Breaking free from the financial grip of the US will be gradual because the global financial system has been patterned to favor the West.

De-dollarization awareness has been increasing since Trump started this trade war. Nations have started seeking means to protect themselves from US bullies. However, it is worth noting that this is idea coming from China and other BRICS nations has not agreed to use this Chinese payment system.

[SilverCryptoBullet]

One of the reasons why dedollarisation has been slowed down has been surprisingly China! They have always been trying to push their own fiat as the replacement for dollar and I don't think other countries are happy about it. The preference is BRICS which has another payment which is preferable IMO and China has been slowing that down as well!

China and the Chinese government under leadership of CCP and especially in an era of Xi Ji Ping in the last 12 years have behaved very aggressively and arrogantly against many nations. They shown that they don't deserve to be a global leader because if they actually get that global leadership role, they will aggressively "eat" other nations. They shown this greedy style more than one decade ago and now when they are in a tariff war pluses mass negative effects of their over boost in their economy in latest decades with weak foundations behind, they have been trying to beg other nations recent weeks.

They want those nations to support them, become their allies to fight against the USA while just not too long time ago, they publicly shown that they want to "eat" those neighbor nations.

This style won't help China and their ambitious plan won't be achieved.

One article from China.
https://www.zhengjian.org/node/289333

When the CCP fail to govern their own nation well, they can not achieve bigger things at global scale. Time for CCP collapse won't be too far if they start a war like Russia did with Ukraine.

[pooya87]

They shown that they don't deserve to be a global leader

Why should there even be any "global leader"?! That never made any sense. It is a fake concept that US regime created after the dissolution of USSR when the world became unipolar so that they could pillage the world. Otherwise for thousands of years there was nothing called "global leader"! There were just various powers in the multipolar world. Something that is being reestablished again.

Bottom line is, neither China or US or anybody else should be allowed to be "global leader" or the solo power that oppresses the rest of the world.

When the CCP fail to govern their own nation well,

I disagree with this part. They have messed many things up and their approach has been oppressive but they have been the best at governing their nation. Nobody else comes even close. Even the US regime dreams they could govern their colony like CCP.

They want those nations to support them, become their allies to fight against the USA while just not too long time ago, they publicly shown that they want to "eat" those neighbor nations.

I somewhat agree with this part. Chinese have been acting like a weasel in a lot of matters. They want to keep the current corrupt globalized system in place where they can grow and they want others to cooperate with them but they don't want to pay any price.

[freedomgo]

What is China planning? We have bitcoin already. Why are they not going full force with making bitcoin the global payment and as one of the Chinese foreign reserve. They have the currency they can use already which is bitcoin.

But why is China even do not recognize bitcoin as a currency? The world should be careful of China.

They don’t like Bitcoin because it’s not ideal for them, mainly due to its high volatility.
They prefer something they can control, and that usually means a currency that comes from them.

Since Bitcoin is used globally, any party dealing with it has to manage the risks, and that alone can be a huge hassle.
And if a country doesn’t recognize Bitcoin as a currency, or worse, bans trading, then it’s no surprise they’re not going to support it.

[_act_]

Why should there even be any "global leader"?

It is a fake believe that the West is using to deceive the world that the EU also supported that rotten their brain not to know that they should have enough nukes to counter Russia without the help of the USA.

United States has the second largest nukes, the best military, the largest economy but not in purchasing parity because that goes to China but in nominal goes to United States, the United States dollars is the currency the world is using most and some other things about them makes the world called them the world power but which is not right. Also their influence is included.

The native United States before the Cowboys which were Red Indians were not like that until the Cowboys came to United States.

United States was a small country before but full of abuses to other regions around them and they last conquer Mexico to gain huge territory.

Map of United state before which was very small to their land today:


Map of United States now:


Trump wants to buy Greenland Denmark to acquire more land. Trump has called Canada the 51st state which is making a region in Canada to heighten their pursue to breakout of Canada and seeking independence, saying they are closer in culture to United States while some said it is better they become part of the United States.

United States needs to be stopped because they are strategically threat to countries.

They don’t like Bitcoin because it’s not ideal for them, mainly due to its high volatility.
They prefer something they can control, and that usually means a currency that comes from them.

They can make it a reserve and also have some dealings in bitcoin even if not large part of their foreign trades.

Since Bitcoin is used globally, any party dealing with it has to manage the risks, and that alone can be a huge hassle.
And if a country doesn’t recognize Bitcoin as a currency, or worse, bans trading, then it’s no surprise they’re not going to support it.

All they know to support is Yuan. They are after their own also.