- Russia, India, and China are developing a payment system as an alternative for SWIFT, connecting primarily with Russia’s payment system.
- A meeting in 2017 is leading Ripple supporters to believe that XRP will be their chosen token.
XRP, the native token of Ripple, has found itself in many places, considering the widespread network of its creator. With low fees and fast transaction times, it manages to remain in the top cryptocurrencies in the world, and that’s just the kind of flexibility that consumers enjoy. It has been used by numerous financial institutions, but it could be big enough to be a part of a new alternative to SWIFT.
SWIFT is the payment system shared throughout the world, but China, Russia, and India have decided to choose a different path. Avoiding the use of this payment system, the trio is working on their own network for fast payments, and there are some members of the Ripple community that hope to find XRP involved.
The reports from Russia today states that the SPFS system of payments will be connecting with the CIPS system, which is based in China. SPFS was originally in development in 2014 in response to the suggestion that the US could cut off the country from accessing SWIFT.
There has yet to be a new project launched in India, but reports indicate that there are local engineers that are working on one. In the meantime, India has expressed that they’ll be connecting with the Russian system as well.
With talks of the recent blockchain innovations in China, due to remarks by President Xi Jinping, some people in the XRP community believe that XRP will be the coin chosen to create necessary liquidity in the new system.
Russia, China & India to set up 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?? pic.twitter.com/1IMKYAvmuZ
— MackAttack XRP 🇳🇱 (@MackAttackXRP) October 28, 2019
China is coming! 🇨🇳
— JackTheRippler🤫🐻🏦 (@RippleXrpie) October 28, 2019
The hopes expressed by the users appear to be due to a meeting that occurred back in 2017, which involved Chinese central bank representatives and Ripple.
— Ripple (@Ripple) August 28, 2017
China’s Central Bank, PBOC, has been working on a centralized digital currency recently, which is has been referred to as “China Coin.” Huang Qifan, the executive vice president of the China International Economic Exchange Centre, made a statement yesterday that the coin is actually being called DCEP, which is an abbreviation for “digital currency electronic payment.”