{"id":10603,"date":"2022-03-19T04:37:13","date_gmt":"2022-03-19T04:37:13","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/19\/russian-chinese-central-banks-cooperation-on-swift-alternative-interoperability\/"},"modified":"2022-03-19T04:37:13","modified_gmt":"2022-03-19T04:37:13","slug":"russian-chinese-central-banks-cooperation-on-swift-alternative-interoperability","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/19\/russian-chinese-central-banks-cooperation-on-swift-alternative-interoperability\/","title":{"rendered":"Russian, Chinese central banks ‘cooperation on SWIFT alternative interoperability’"},"content":{"rendered":"
\n
Source: AdobeStock \/ Hugh O’Neill<\/figcaption><\/figure>\n<\/p>\n

A senior Russian parliamentarian has claimed that the Central Bank <\/strong>work with you People’s Bank of China<\/strong> on solutions that can help countries circumvent the SWIFT banking network – including home alternatives, blockchain solutions and digital fiat.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Russia’s attack on Ukraine, however, has accelerated the need for innovation on this and other financial technology fronts.<\/p>\n

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.<\/p>\n

Hie sot:<\/p>\n

\n

“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. “<\/p>\n<\/blockquote>\n

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.<\/p>\n

He was quoted as saying:<\/p>\n

\n

“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.<\/p>\n<\/blockquote>\n

____<\/p>\n

Learn more: <\/strong>
– Russia’s sanctions could lead to more countries considering CBDCs, says ex-central banker
Russia has ‘All the necessary resources’ to create its own crypto-infrastructure, claims an MP<\/p>\n

– Russian Banks Eye CNY Solution as Central Bank Bars Forex Sales; New sanctions approved
– Russian banks look at China’s UnionPay for Visa, Mastercard Freezout<\/p>\n

– Russian central bank claims its SWIFT alternative is ready
Russia’s ruling party says crypto-regulation will protect ‘millions of citizens’<\/p>\n

– 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<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Source: AdobeStock \/ Hugh O’Neill 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. 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