- China, Russia, and India Plan to Boycott Swift Payment Method
- Speculations About China’s Adoption Of XRP For Liquidity
Some countries Consisting China, India and Russia have planned to boycott SWIFT by linking their fund transferring systems some of these countries who form part of the Ripple community thanks Ripple’s XRP will be used for liquidity. These countries are planning to develop their payment network to ease transactions for users by linking the already existing systems of digital payments. The XRP community is hoping these three major countries employ XRP for liquidity.
It has been reported that the Russian-based system of payments SPFS will be used to link with the Chinese system of payments CIPS. Even though India has not launched a similar project yet, the country’s native engineers are working towards creating it. In the main time, India will be linking with a Russian-based transactional payment system. Before now, in 2014, Russia commenced work on its SPFS payment system when the United States stated that it might cut off the country from utilizing SWIFT. The first test runs for the proposed platform that occurred two years ago.
Speculations About China’s Adoption Of XRP For Liquidity
Some members of the XRP community are hoping that XRP may be the chosen coin by these countries to offer liquidity in the new joint system. This was made known while discussing the news about the recent blockchain-boom in China. A crypto analyst on Twitter @MackAttackXRP stated: “Russia, China & India to set up an 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??” Meanwhile, @RippleXrpi also stated: “China is coming!
XRP (XRP) Price Today – XRP / USD
Stay Tuned…You will be a part of the financial industry. God bless you all! #xrpthestandard聽#Ripple聽#Crypto”
These assumptions are based on the previous history Ripple has with China, in 2017 Ripple met with the Chinese Central Bank Representative. @Ripple on Twitter stated: “Welcomed China’s central bank, industry & academic leaders to #Ripple HQ to discuss the latest #blockchain trends.”
China is set to launch its digital currency, the Chinese Central Bank (PBOC) is working on developing its centralized digital currency popularly referred to as “china coin”. The actual name of the coin was announced yesterday by the executive VP of the China International Economic Exchange Centre, Huang Qifan. The coin will be called Digital Currency Electronic Payment (DCEP) as opposed to China Coin that it is been referred to.