Western SWIFT About To Be Replaced By New Russian/Chinese Global Payment System

With Russia actively dumping US dollars and buying gold at the fastest paced in decades, the writing is on the wall when it comes to what the Kremlin thinks of any possibility for a detente in the painfully strained US-Russian relations.

And with Russia now clearly seeking to end monetary ties with a dollar-denominated "west", there is just one alternative - China. Which is why it will probably not come as a surprise that several Russian banks joined the China International Payments System (CIPS) also known as China's "SWIFT", to ease operations between the two countries, according to a senior official at the Central Bank of Russia (CBR).

“As for the cooperation on payment systems, a range of banks are already connected to CIPS, allowing to facilitate payments routing procedure,” Vladimir Shapovalov, who heads a division dealing with foreign regulators at the CBR’s international cooperation department, said earlier this week during the international Russian-Chinese forum.

Meanwhile, as RT writes, the regulator hopes that in turn, Chinese counterparts will pay more attention to Russia’s own SWIFT alternative, the SPFS (System for Transfer of Financial Messages), as "it can further boost bilateral trade", the official added.

As RT adds, Russia has been actively demonstrating the SPFS network, which was created in 2014 in response US threats of disconnecting Russia from SWIFT, to foreign partners, including China after its export version was finished late last year. The first system transaction involving a non-bank enterprise, was made by Russian oil major Rosneft in December 2017. Some 500 participants, with major Russian financial institutions and companies, have already joined. And with Europe contemplating alternatives to SWIFT in order to keep funding the Iran regime in light of its exclusion from the dollar-based monetary system following Trump's reimposition of Iranian sanctions, it would land a major blow to the US Dollar's reserve status if Brussels announced that it, too, would be joining either the Chinese or Russian alternative to dollar hegemony, a process which based on reserve managers' declining allocations to US dollars is already taking place.

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zerohedge.com/news/2019-03-31/russian-banks-join-chinas-alternative-swift

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We surpassed the Rubicon already. There is no going back. We tried to cheat the world and they saw right through us, and they're getting ready to de-peg the USD from reserve currency status and start a new system. Reset is coming, like it or not.

>>>/prepare/1

Dont stop believing.

>>>/reddit/

Well US just steals the gold they need

It is a very slow process but it is happening. Note that the Chinese and Russians have to pocket more allies, they do not have all of Europe on board (as of YET!)…. but with Italy flipping East that was a pretty big blow to the Washington DC establishment.

I understand how you feel about China and Russia being totalitarian to their own people. To a large extent, so has our own government too. Must I remind you of that with a recent raid against another innocent family that just took place?

The point is not how they treat their citizens, the point is there are new big players in town and they ain't going away. And they intend to create a new global trade system outside the US reserve currency (which would destroy our reserve currency status and create massive hyperinflation due to insolvency wrecking value of a to-be-rejected-in-future-trade currency).

Found the homo.

Based, Russia and China are awesome. Death to America

They'll become just as corrupted. All governments become greedy organized criminals. Watch. And when America declines, they'll run roughshod on anyone they please too. Dark days are ahead despite how evil America has been in recent years, despite our government deserving to be outed as criminal. The pain will still be on the masses unfortunately, like always.

When polled 3/4 of Chinese agreed with the NZ mosque shooters manifesto.
Im no yang troll but I think the Chinese would do better than us in many ways.

Perhaps.

The thing I do admire about the Chinese is that they are very protective about their culture, laws and heritage. They did not allow Muslims who immigrated there to act unruly, they isolated them in separate communities and forced them to comply with their laws and learn their language years before being allowed to integrate within society. I admire that principle and as long as they do that with every other migrant (including the Jews) then China will remain sovereign for a long, long time.

I hate their social credit score though, that I would like nothing to be a part of. Otherwise, the Chinese do have some common sense policies I tend to agree on.

The other thing I have long admired about China is they don't give a DAMN about copyright laws lol. They will create what they want, copy and modify whatever they want and sell whatever they want, out in the open market. I love that, absolutely love that concept of free open market. If we only had that in the States we'd have a lot less poverty today!

lol no

bitcoin will become the de facto world reserve currency in the next 20 years. mark my words and screencap this posting and repost it in year 2039.

B-but CNN told me Trump was a Russian stooge

It's not bad to have some level of copyright, but what we have now is ridiculous.

China isn't really an innovator because they just try to steal whatever they can and produce it for cheaper. Their "innovations" tend to be conglomerations of other "borrowed" tech and the absence of any sort of copyright kills any sort of motive to invest in anything intellectual.

The West is the complete opposite in that a lot of innovations are locked up and sat on, sometimes for the sole purpose of protecting some other inferior design. Many things are also copyrighted or patented that probably shouldn't be in the first place.

Chinese have no humanity. They are insects. If you want to live in a hive, supporting gooks has to be the most efficient way to achieve it. Hope you're already comfortable with being a Communist.

What's communist about protecting your own culture and forcing migrants to follow national laws and act civilized? I don't see how that has ANY connection to communism what-so-ever! In fact, most civilized countries do that. Countries with amnesty happen to be falling apart and unhinged, facing massive societal unrest and tension! Every nation has a right to control their borders, it has nothing to do with communism!

It's not that it's Communist; rather, it's fascistic. It doesn't respect people's freedom. It regards individuals as cogs in the wheel of State.

Individualism is still preferable, in my view, to that sort of life. The danger remains that this idiotic notion of consent serves as a substitute for personal responsibility. Consent is manufactured, responsibility deprived through underhanded means, and the individual becomes corrupted and enslaved, reeled back into the bosom of government.

These other states may appear to do something right, but the why matters. They have good control because they are controlling.

I support individualism and freedom too, but you cannot remain a sovereign nation when your borders are being flooded and overwhelmed by an influx of third world migrants and criminals. It destabilizes society, it undermines the culture and freedoms we all enjoy and in the long run the citizenry become second-class citizens in their own country! Thats not how you secure freedom, prosperity, culture and rule of law for your nation. If you don't mind being a minority in the very country you were born in, and don't mind laws changing against you in the future to support the third world influx then go ahead and support total open borders.

Fortunately many countries are waking up to this and re-considering how to deal with mass migration in more sensible ways like China has, like Poland has, like Hungary has, like Israel has, et al. In Russia, they allow migrants but with one major stipulation: you learn their language, you obey their laws and you stay out of their politics, then they'd allow you live there. If you don't like Russian laws or culture, you don't seek Russia ever again! I actually LIKE that common sense policy.

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Saying the Chinese are doing some things right seems to pander to your enemy by suggesting that they’re able to safeguard their language, culture, and history by exercising greater control over their people. But I think the Freedom v Fascism dialectic is the wrong one here.

You’d have better luck in recruiting the clasically liberal to your cause, a sort of libertarian right-left alliance by focusing on how Imperialism v Nationalism is predatory and how civilizations require a singular civic culture in order to survive, i.e. Multiracial v Multicultural. This right winger shit about the spics stealing our gibs will never get you anywhere because it says Luxury v Survival to them which is immoral even if that is technically your property.

All the Russians and Bugmen want is not to have to pay the % to use SWIFT and they are sick of being threatened all the time over access to it. It is not the end of the world only the creation of an alternative. If they can show similar transnational clearance rates and have it all at lower fees then you would be a stupid fuck not to go to it.

There are policies in China I can accept, and things I do not. I HATE the whole social credit score system, I see that as being totalitarian and anti-freedom and would be 100% against it if it came over here… however, what they do in their own country is their own business, not ours. If they treat their citizens like shit, thats unfortunate and it shouldn't be that way. Our government shouldn't be so hypocritical either, I read reports all the time how innocent citizens are being stripped of foundational liberties as well. So its not good vs. evil here.

Regardless, I do admire their very strict border defense policies very much so. Why China is able to maintain its national sovereignty, why China is not overrun with migration problems, why China is not easily subverted is because they kept their borders strong and defended. We in America could learn a thing or two from their border policies.

Ironically I see more liberals supporting their horrific totalitarian social credit score than their actual common sense policies which boggles my fucking mind.

I was going to say they aren't under occupation like we are, that we are not supposed to be totalitarians or comprised of myriad identitarian cells competing for the power of the US military to fuck all their enemies to death with, foreign and domestic. But of course they have jews too.

This isn't a bad thing. For those who are facing censorship in China or Russia they can use Western payment processors. For us we can use theirs.

Incorrect. CIPS is non-dollar based, meaning the US Dollar will not be a form of accepted payment. This is about challenging the USD and the current Western payment system, not encouraging it.