Is China Ready To Replace SWIFT With Its Next-Gen Digital Currency Infrastructure When China first introduced its Cross-Border Interbank Payment System (CIPS) in late 2015, many financial pundits wondered how it would operate as a direct counterpart or alternative to the nearing-50-years-old Society for Worldwide Interbank Financial Telecommunication (SWIFT) platform. The primary objectives are pretty straightforward – launch Digital Chinese Yuan (e-CNY) and internationalise the paper currency via cross-border onshore transactions. Notably, take-up had been slow. All that cha

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