A senior Russian parliamentarian has claimed that the Central Bank work with you People’s Bank of China on solutions that can help countries circumvent the SWIFT banking network – including home alternatives, blockchain solutions and digital fiat.
Per Tass, about Rambler, Anatoly Aksakov, chair of the State Duma Committee on Financial Markets, said at a recent press conference that central banks are working on interoperability solutions that could link Moscow’s homemade SWIFT alternative SPFS to its own China . Version, the CIPS.
Aksakov claims that in the first two months of 2022, trade between Russia and China “increased by more than 40%”, and predicted that the trend would continue – especially if a mutual SWIFT solution can be agreed.
SWIFT is a banking messaging network, and Russia’s exclusion from it as a result of Western sanctions has hit exports particularly hard. But as previously reported, both Moscow and Beijing have long anticipated the need for homemade alternatives – and have been working on them for years.
Russia’s attack on Ukraine, however, has accelerated the need for innovation on this and other financial technology fronts.
Aksakov was quoted as saying that in order to “eliminate risks” associated with trading without a banking messaging system solution, it was necessary to establish “interaction between” SPFS and CIPs networks.
Hie sot:
“I know this work is in progress. The central bank is interacting with the People’s Bank of China. And I believe that the current situation stimulates the relevant processes. We have a very efficient system. [the SPFS] and the current situation shows that. “
And Aksakov said that blockchain-driven finances, as well as central bank digital currency (CBDC) advances, are also being forced on China as a result of the war and financial sanctions.
He was quoted as saying:
“I think issues related to blockchain technology are also being actively developed. The digital ruble, the digital yuan, and [boosting trade] with the help of these currencies is also more a concern of the near future than was the case a few months ago.
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Learn more:
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– Russian Banks Eye CNY Solution as Central Bank Bars Forex Sales; New sanctions approved
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– Russian central bank claims its SWIFT alternative is ready
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– China’s Digital Yuan App Gets Update As Police Deal With First CBDC ‘Fraud’ Case
– Freezing Russian reserve assets marks end of monetary regime; Gold, Bitcoin Rise – Arthur Hayes
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