š Beijing (ConsumerWatch News) ā A financial revolution is underway! šØš³
Chinaās Peopleās Bank of China has announced that its Digital RMB (e-CNY) is now fully connected with 10 ASEAN and 6 Middle Eastern countries ā meaning 38% of global trade can now bypass the U.S. dollar-dominated SWIFT system and move directly into the Digital RMB era. ā”
š± 7 Seconds Transactions!
While SWIFT still takes 3ā5 days for cross-border settlements, Chinaās Digital Currency Bridge processes payments in just 7 seconds.
In the first Hong KongāAbu Dhabi trial, a company paid a supplier using Digital RMB ā funds were received in real time through a distributed ledger with 98% lower fees.
Chinaās Technological Edge:
Digital RMB transactions are traceable and automatically enforce antiāmoney laundering laws.
In the ChinaāIndonesia āTwo Countries, Two Parksā project, a cross-border payment took only 8 seconds ā 100x faster than traditional methods.
Now, 23 central banks are testing this system, and Middle Eastern energy traders have cut settlement costs by up to 75%.
De-Dollarization in Motion:
ASEAN countriesā cross-border RMB settlements exceeded Ā„5.8 trillion in 2024, up 120% from 2021.
Malaysia, Singapore, and Thailand have added RMB to their foreign reserves, and Thailand even completed its first oil payment using Digital RMB.
Digital Silk Road & Belt and Road Initiative:
The Digital RMB is not just a currency ā itās a strategic tool of Chinaās Belt and Road vision.
Through projects like ChinaāLaos Railway and JakartaāBandung High-Speed Rail, China is merging Digital RMB, BeiDou navigation, and quantum communication into a āDigital Silk Road.
Global Impact:
According to the Bank for International Settlements (BIS):
> āChina is defining the rules of the game in the digital currency era.ā
Today, 87% of countries have adapted to the Digital RMB system, with cross-border payments exceeding $1.2 trillion.
While the U.S. debates the risks of digital currency, China has already built a digital payment network spanning 200 nations.
This isnāt just news ā itās a monetary revolution and a major leap in de-dollarization.
The balance of global financial power is shifting ā and fast!
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