Post AtS4qFsThAj83J64eW by yogthos@social.marxist.network
(DIR) More posts by yogthos@social.marxist.network
(DIR) Post #AtRCsWudw5DBwJkHKa by yogthos@social.marxist.network
2025-04-25T02:07:06Z
3 likes, 3 repeats
China's digital RMB cross-border settlement system is now connected to ten ASEAN and six Middle Eastern countries, bypassing the SWIFT system for about 38% of global trade.SWIFT transactions can take several business days to complete and can be expensive due to intermediary bank fees.Digital RMB is faster and cheaper than SWIFT facilitating both domestic and international transactions.https://ict-pulse.com/2025/04/digital-rmb-vs-swift-the-emerging-tech-backed-disruption-of-cross-border-payment-settlement/#china #economics #economy
(DIR) Post #AtRhsYCIFy5WVFUVai by sun@shitposter.world
2025-04-25T09:57:12.176129Z
2 likes, 2 repeats
@yogthos If it's a programmable CBDC, throw it right in the trash.
(DIR) Post #AtS3AcSnERYhz4fL6W by ripplestream@pawoo.net
2025-04-25T13:55:46Z
0 likes, 1 repeats
@yogthos are there any ripple users with access to e-cny yet?
(DIR) Post #AtS4qFsThAj83J64eW by yogthos@social.marxist.network
2025-04-25T14:14:26Z
0 likes, 0 repeats
@ripplestream no idea
(DIR) Post #AtS594WW8NZUL8nVwW by clacke@libranet.de
2025-04-25T14:08:05Z
0 likes, 0 repeats
@sun Very little is said in the links about what the settlement system actually is, but it does say this:Beyond speed, the digital RMB’s built-in compliance tools are drawing global attention. Its blockchain architecture enforces anti-money laundering protocols automatically, reducing fraud risks while maintaining traceability. [ . . . ]Analysts describe the system as a turn point in international settlement system, where blockchain efficiency will challenges the sluggish, costly mechanisms of traditional banking. [ . . . ] China has effectively weaponized blockchain technology to challenge SWIFT and dollar dominance.The dramatic reduction in transaction times and costs, combined with programmable compliance features and integration into strategic infrastructure like the Belt and Road, presents a credible and scalable alternative to the traditional financial system.proshare.co/articles/digital-y…@yogthos
(DIR) Post #AtS59HWzlug6gO7Zzc by tfb@functional.cafe
2025-04-25T12:20:58Z
0 likes, 0 repeats
@yogthosimplying that about 38% of global trade could bypass the US dollar dominated SWIFT networkI'd be curious to know what the real figure is, but 38% is a potential, not a reality
(DIR) Post #AtS59INobWvfKCplK4 by clacke@libranet.de
2025-04-25T14:09:17Z
0 likes, 0 repeats
@tfb @yogthos 38% is just how large a fraction of world trade is represented by the countries claimed to be connected to this settlement network.
(DIR) Post #AtSAVJEKdRae5riLxI by sun@shitposter.world
2025-04-25T15:17:56.951431Z
0 likes, 1 repeats
@clacke @yogthos yep it is, it has smart contracts. it's not really blockchain though it is a distributed ledger.
(DIR) Post #AtTNjSW0P4dlVV1Cpk by tfb@functional.cafe
2025-04-25T15:08:34Z
0 likes, 0 repeats
@clacke That's what I suspected. I wonder what percentage of their trade is using this versus SWIFT, but that's probably a difficult number to find out@yogthos
(DIR) Post #AtTNjU2IkU4IDx8VoO by clacke@libranet.de
2025-04-26T05:18:26Z
0 likes, 0 repeats
@tfb I get the impression that it's not yet live, and "is now connected" does not mean "can now be used by random businesses and individuals".Once it is live though, it's seems silly to even be asking people "would you like use the old, slow and expensive system or the new near-instant one?".@yogthos
(DIR) Post #AtTNjfYxtNjRyRVFke by Logical_Error@fosstodon.org
2025-04-26T03:04:28Z
0 likes, 0 repeats
@jwildeboer since you boosted this, i had a couple of questions for u:- why not BANCOR? it seems the wiki page had a chinese economist voting for this idea. i guess bc maybe its for economic dominance?- why cant banks just interoperate with each other in terms of currency porportions? eg. 1 cny = .13 usd. whatever currency they have they can send it in that?thanks!@yogthos
(DIR) Post #AtTNjgoxDQ7FsJzXJQ by yogthos@social.marxist.network
2025-04-26T03:44:19Z
1 likes, 0 repeats
@Logical_Error @jwildeboer Bancor would be the ideal solution, but that requires many countries to buy into the idea. BRICS have been talking about something like Bancor for a while now, but nothing concrete has come out of it.This is something China can do on its own, and there's an immediate benefit for all parties involved.
(DIR) Post #AtTOBI5mkVE3I01daq by clacke@libranet.de
2025-04-26T05:24:34Z
0 likes, 0 repeats
@yogthos @Logical_Error Exactly. Here's where we are on a Bancor-like thing:""'it appears that there is renewed interest in the architecture of transnational settlement systems, in light of the decision by the BRICS nations at the Kazan summit of October 2024, to proceed with the development of a national currencies-enabled trade payments system, BRICS Clear"""The Chinese system is a mostly technical problem mostly solved, BRICS Clear will require more political solutions and governance questions before it will become real. After that they'd probably exist in parallel, some banks supporting one or the other, some banks both.@jwildeboer
(DIR) Post #AtjtiLBwyDvHmkhOxE by WoundClad@mastodon.social
2025-05-01T08:31:37Z
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@clacke @tfb @yogthos It is still complete propaganda, btw @jwildeboer congratulations for spreading it. You must be anti-freedom so much that you'd rather lick the boot of totalitarian countries which you do out of pure zealotry for imagined ideals supposedly there, same idiocy as the right thinking russia is conservative90% of trade BRICS does is not between themselves but with the West, RMB is less used than EUR
(DIR) Post #AtjtiLqMXyFVo5bfwe by clacke@libranet.de
2025-05-03T20:28:19Z
0 likes, 0 repeats
> 90% of trade BRICS does is not between themselves but with the West, RMB is less used than EUR@WoundClad Yes, China is keeping a tight rein on their currency. Their digital currency is one way they are going to be easing up on that.Regarding who they are trading with, the US is currently working hard on shrinking its economy and isolating its trade from the rest of the world. Europe, China and the rest of BRICS will pick up the slack.@jwildeboer @tfb @yogthos