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Posts Tagged ‘International Money Transfer’

China launched international banking network

October 21, 2015 Comments off

The US domination of the global banking system coming to an end ?

ChinaMoneyImage

 

International payments for trade are typically routed through the US banking system in New York, and settled in US dollars.

China launch CIPS (China International Payments System).

Image Chinese Yuan courtesy of Prison Planet, Wiki Commons

 

 

A few years ago China started working on an alternate competing system whereby international payments no longer needed to clear through the US. It’s called the China International Payments System (or CIPS) and it was launched early October 2015 

So far CIPS is just been being provisionally tested; 11 out of 19 banks using it are Chinese and state-owned. But many banks, particularly in Europe, have already agreed to join the network.

If successful, CIPS could take a substantial market share from the US banking system, giving foreign banks and governments less and less reason to hold US dollars and US government debt.

taxmoneyhavens.com

 

 

The U.K. to join he Chinese-led Asian Infrastructure Investment Bank as a founding member and CIPS the alt. to SWIFT ?

March 17, 2015 Comments off

The government of the United Kingdom just announced that they would be applying to join the Chinese-led Asian Infrastructure Investment Bank as a founding member.

Shanghai by night

The United States currently dominates the global financial system. But after years of sanctions, wars, debt, money printing and regulations, the rest of the world are  looking for an alternative.

 

The soon-to-be-live Chinese International Payment System (CIPS) will provide a way for banks to transfer funds to one another without having to use the US banking system or the US dollar.

Shanghai by night courtesy of Wiki Commons

China is also the initiator behind both the BRICS development bank (called the New Development Bank, or NDB) as well as the Asia Infrastructure Investment Bank (AIIB). Both of these are multilateral development banks that aim to end the dominance of the western-controlled World Bank and IMF.

NDB includes all the BRICS nations– Brazil, Russia, India, China, and South Africa.

Founding members of the AIIB include China, India, Indonesia, Kazakhstan, Mongolia, etc. They’re typically all rapidly growing and/or resource-rich developing nations.

New Zealand was the first western nation to join AIIB in October 2014, and Britain has just announced its intention to become the second.

The signatories to the NDB and AIIB charter documents want to create an alternative to the United States dominance of the global financial system by launching these new development banks and an alternative payment system together.

taxmoneyhavens.com

Russia launch competitor to SWIFT

January 29, 2015 Comments off

Putin ordered the launch of the “Double Eagle project” because the US blocked a payment from the Russian embassy in Astana, Kazakhstan in March 2014.

Moskow by night

The payment was directed to SOGAZ Insurance Group through SWIFT.

This made Putin furious and he initiated the Double Eagle Project, an international money transferring system named after the Russian Double Eagle gold coin.

Moscow by night courtesy of Wikipedia

SWIFT

SWIFT (Society for Worldwide Interbank Financial Telecommunication) system is the global banking system’s postal system. SWIFT has more than 10,000 members in more than 200 countries, and handles more than 15 million messages daily.

SWIFT is based in Belgium, and subject to EU law. However, the U.S. government claims legal authority over all SWIFT transactions denominated in U.S dollars, even if those dollars never enter a U.S. bank account.

So when European banks used SWIFT to facilitate dollar dominated transactions between Iran and third parties, the U.S. fined those banks billions of dollars for violating U.S. sanctions, even though no money passed through the United States.

Russia launch competing money transfer system

When the United Kingdom, called for Russian banks to be ejected from SWIFT during the height of the Ukraine crisis, the Russian bear was alerted.

Late 2014, Russia announced that they will launch an alternative to SWIFT by May 2015. The new international money transfering system would nominate transactions in roubles, with conversion to and from U.S. dollars at either end.

The liberation of fiat money movements.

A Russian international money transfer system would be an alternative global economic and financial system beyond U.S. rules and Western sanctions.

Russia has joined the New Development Bank, an alternative to the International Monetary Fund and the World Bank. The participating countries, Russia, South Africa, China, India and Brazil, comprise more than 3 billion people, 41.4% of the world’s population, and account for more than 25% of global GDP.

China Merchants Bank now issues the world’s #2 credit card.

Russia and China have both built up their gold reserves.

A new trans-Atlantic cable to allow independent worldwide communications is under development.

Importers, exporters, and investors who are citizens of the EU and US are also likely to make use of the Double Eagle system , instead of SWIFT, when it suits them.

taxmoneyhavens.com

How Bitcoin Works Under the Hood

November 29, 2013 Comments off

This is one of the clearest and best explanations of the inner workings of Bitcoin. What it means to own, send or mine Bitcoins, as well as an explanation of what Bitcoin really is.

Source: Curiosinventor

Great explanation of how Bitcoin works from a technical perspective for those of you with a computer science background that want to learn more about how it actually works.

taxmoneyhavens.com

The emerging virtual currency Bitcoin explained on TED

November 17, 2013 Comments off

Currency — the bills and coins you carry in your wallet and in your bank account is founded on marketing, on the belief that banks and governments are trustworthy.

Source: TED

Now, Paul Kemp-Robertson walks us through a new generation of currency, supported by that same marketing … but on behalf of a private brand. From Nike Sweat Points to bottles of Tide (which are finding an unexpected use in illegal markets), meet the non-bank future of currencies.

Tax & Money Havens

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