XRP Army Fired Up About Ripple's Possible Involvement with SWIFT Alternative for Russia, China and India

The XRP community, who fits the motto of strength in numbers, is riled up about the possibility of Ripple's cryptocurrency blockchain liquidity being the choice for China, India and Russia who all intend on not using SWIFT payment system.

  • 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.

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.

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.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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