Digital Yuan Goes Global: CIPS 2.0 Sparks Shift in Cross-Border Payments
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- China’s CIPS 2.0 reportedly launches across 16 ASEAN and Middle Eastern countries.
- Digital yuan completes cross-border payments in 7.2 seconds versus SWIFT’s 3-day cycle.
- Transaction fees reportedly drop from 4.95% to nearly zero for international settlements.
China’s Cross-Border Interbank Payment System (CIPS 2.0), powered by the digital yuan, reportedly went live across 16 countries in Asia and the Middle East. Financial analyst Eric Yeung shared details of what he describes as the opening salvo in a “bloodless currency war” that could fundamentally challenge dollar hegemony.
According to Yeung, the system’s inaugural transaction, a 120 million yuan ($16.5 million) payment for auto parts, cleared from Shenzhen to Kuala Lumpur in just 7.2 seconds. This nearly instantaneous settlement stands in stark contrast to SWIFT’s traditional three-day processing cycle.
The post Digital Yuan Goes Global: CIPS 2.0 Sparks Shift in Cross-Border Payments appeared first on Coin Edition.
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