China Officially Launches A Plan To Promote Its Own Payment System

[freedomgo]

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.

They already did..  that’s how they’ve treated the Bitcoin they confiscated in the past.
If not, they would’ve just sold it off and converted it to fiat, like what Germany did.

As of April 2025 (if the data is accurate), they’re now the second-largest holder of Bitcoin, next only to the United States.

https://www.coingecko.com/research/publications/government-bitcoin-holdings

[_act_]

They already did..  that’s how they’ve treated the Bitcoin they confiscated in the past.
If not, they would’ve just sold it off and converted it to fiat, like what Germany did.

If it is not official, they have not. Germany sold their confiscated bitcoin after a long period of time that it was confiscated. China may decide to sell their own at anytime just like Germany. But if they make it official, it would be better. I am not satisfied with what United States did which even caused market crash after the announcement. These countries should buy and use bitcoin in trades and they can reserve some also.

[Coyster]

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.

I don't think this has anything to do with bitcoin, China is trying to knock the U.S. dollar off its perch as the world's reserve currency, you don't expect them to push the agenda of replacing it with bitcoin, do you? Bitcoin, like most of us know cannot be the world's reserve currency, it was not even created for that.

If the U.S. dollar would cease to be the world's reserve currency someday, it will be replaced by another fiat currency and not a decentralized currency like bitcoin, but the question is, will the world accept the Yuan?

[iv4n]

There was a time when I didn't pay much attention to what the Chinese were saying... But when I got into crypto, I started paying more attention to them. The Chinese are unpredictable, they have said many times that they would do something and have not done anything. It has happened more than once that they have done something and few people know about it... Looks like they are playing a global game with wise moves. I say wise because they are still doing their thing... whatever that thing is.

I didn't look into their plan & payment system, I am a crypto person, and I am not interested in any government/fiat schemes. But I am sure they have something to promote and infrastructure they can build for that to work. And I am just guessing here that Chinese people and some countries will be forced to use it, but will others buy it?

[el kaka22]

They are always "trying" to do something, doesn't mean they actually can do it. BRICS was established to make sure they can battle USA and even with all those nations together, they still failed, which means they are trying some another thing, and they will fail again.

And the worst part for them is the fact that half of those nations have dictators, what do you think Putin will say when Xi ends up saying "you all will use Yuan, we are superior", you think Putin will be like "oh yeah sure thing" and be fine with that? Of course not, even if he can't handle the economical sanctions, he still wouldn't let China be better than Russia neither, China is already bigger, but Russia would be agreeing and accepting their inferiority, so they won't accept it.

[Mate2237]

They are always "trying" to do something, doesn't mean they actually can do it. BRICS was established to make sure they can battle USA and even with all those nations together, they still failed, which means they are trying some another thing, and they will fail again.

And the worst part for them is the fact that half of those nations have dictators, what do you think Putin will say when Xi ends up saying "you all will use Yuan, we are superior", you think Putin will be like "oh yeah sure thing" and be fine with that? Of course not, even if he can't handle the economical sanctions, he still wouldn't let China be better than Russia neither, China is already bigger, but Russia would be agreeing and accepting their inferiority, so they won't accept it.

I don't think that Xi will force any of the Brics Nations to use the yun as the official currency of the Brics organization what China is do is strategically making sure that the weaken the use of the dollar by member states of brics that was the main reason why this organization was form the fact of the matter is that the world we are is about interest and anything that China is doing is to make sure that their interest and agenda is protected especially when it comes to the areas of trade and investment


My problem is that the Brics Nations has just been too silent and has not taken any concrete decisions concerning their plan about having a single currency so if they can have a consensus on this one currency issue the United States of America is going to feel the effect of it when they started using other currency in trading apart from the dollar

[freedomgo]

They already did..  that’s how they’ve treated the Bitcoin they confiscated in the past.
If not, they would’ve just sold it off and converted it to fiat, like what Germany did.

If it is not official, they have not. Germany sold their confiscated bitcoin after a long period of time that it was confiscated. China may decide to sell their own at anytime just like Germany. But if they make it official, it would be better. I am not satisfied with what United States did which even caused market crash after the announcement. These countries should buy and use bitcoin in trades and they can reserve some also.

Yeah, it’s not official, but if they’re just holding Bitcoin, it’s easy for them to say they’ll declare it as a reserve because they already have it. Isn’t this what happened in the US? They said they would consider Bitcoin as a strategic reserve, but it turns out the ones they consider are the ones they confiscated. So China could take the same stance, since it’s already in their holdings.

[Coyster]

And the worst part for them is the fact that half of those nations have dictators, what do you think Putin will say when Xi ends up saying "you all will use Yuan, we are superior", you think Putin will be like "oh yeah sure thing" and be fine with that? Of course not, even if he can't handle the economical sanctions, he still wouldn't let China be better than Russia neither, China is already bigger, but Russia would be agreeing and accepting their inferiority, so they won't accept it.

That is one major problem in the quest for de-dollarization, if we hypothetically agree that the U.S. will be knocked off their perch one day, how many countries will gladly accept China and the Yuan with open arms, not many i reckon. If BRICS want to achieve anything, it has to be collectively, i don't think other memeber nations joined the organization to be dominated by one country (China).

[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.

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.

I guess China only want to create some noise. I totally aware about how all of attentions are focusing on them and US. That's why they use this momentum to promote their CIPS, or at least pushing it to be get more adoption in order to fight SWIFT.

They smart, yes, but hardly to move on from a proven widely adopted payment system such as SWIFT to the CIPS.

[o48o]

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As of April 2025 (if the data is accurate), they’re now the second-largest holder of Bitcoin, next only to the United States.
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As an example how misleading term "holder" is: USA confiscated around 95,000 BTC that they got from criminals in 2022 who stole it from Bitfinex in 2016. Those are not for USA to sell, or use as reserve, or do it as they wish with it. It's confiscated property of Bitfinex, and most likely going back to them at some point. As Bitfinex haven't gave their consent to sell it, nor there's clear estimation of how that stolen BTC should be valued, other then in BTC.