China-backed blockchain project to launch SWIFT-like system for stablecoins and CBDCs.
The company developing China’s blockchain network wants to create a system for international settlements with stablecoins and state-issued digital currencies. The plan is to establish a platform facilitating the use of these two fiat-based digital assets in foreign trade.Hong Kong-based Red Date Technology, the designer of China’s state-backed Blockchain-based Service Network , has launched a new project to implement both stablecoins and central bank digital currencies in cross-border payments.
The goal is to allow businesses from different countries to “transact and settle in different regulated digital currencies,” the UDPN whitepaper explains. Further elaborating on its intentions, the government-backed firm wrote: SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is the most common system for interbank transfers globally. But it has been seen as a leverage for the West which, for example, cut off Russian banks from the network following Moscow’s invasion of Ukraine.
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