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Ripple Community Speculates on China-Russia-India’s Plan to Set up SWIFT Rival – Will XRP Be Involved?

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  • Yuri Molchan
    📰 News

    Russia, China and India plan to avoid using SWIFT by connecting their fund transferring systems, some in the Ripple community believe XRP will be used for liquidity

Ripple Community Speculates on China-Russia-India’s Plan to Set up SWIFT Rival – Will XRP Be Involved?
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Contents

As reported by Russia Today (RT), three major players, China, Russia and India, intend to avoid using the SWIFT system of funds transferring and create their own network for fast payments by connecting the already existing systems of electronic payments.

Some members of the Ripple community hope that the new payment system used between three biggest countries is going to utilize XRP for liquidity.

China teams up with Russia and India to ditch SWIFT

RT’s report has it that the Russian-based system of payments, SPFS, is going to connect with the Chinese system of payments CIPS. India has not launched a similar project yet, however, local engineers are working to build it. Meanwhile, India intends to connect to the Russian-based transnational payments system.

Back in 2014, Russia started working on its SPFS payment system when the US said it might cut off the country from using SWIFT. The first trials of the new platform took place two years ago.

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Ripple community hopes China and Russia will use XRP for liquidity

While discussing the news about the recent blockchain-boom in China caused by the statement of President Xi Jinping and the story about Russia, China and India joining forces in the field of transnational payments, some members of the XRP community assumed that XRP may be the coin chosen to provide liquidity in the new joint system.

Their hopes seem to be based on this meeting of Ripple with Chinese central bank representatives in 2017.

China is about to launch its own digital currency

As U.Today reported before, the Chinese Central Bank (PBOC) is working on its own centralized digital currency often referred to as ‘China Coin’. Yesterday, the executive VP of the China International Economic Exchange Centre, Huang Qifan, revealed the actual name of the coin – DCEP. The abbreviation stands for ‘digital currency electronic payment’

 

What are your thoughts on the possible use of XRP between Russia, China and India? Feel free to share them in the comments section below!

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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  • Alex Dovbnya
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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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Ethereum (ETH) Price Undergoes Bullish Consolidation, Says Prominent Crypto Trader

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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