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Hi, I'm not sure if I've missed the threads speculating on this, but to me it seems kind of obvious that this is in the pipeline for Ripple. The news that China will open up the payments sector for foreign businesses comes out only weeks after the Money 20/20 in Asia. Ripple has previously successfully announced partnership with some of the largest banks in Asia Pacific, especially SBI, and from what I understand SBI is has strong connections to PBoC. If they make this happen, it is a major thing and it will not be long until they have established corridors on RippleNet between all of the major fiats in the world! What do you guys think? Any news on this?
Apologies for the long post but the Lian Lian announcement needs to be unpacked a bit because I find this fascinating and pretty exciting stuff. Happy to have the ideas tested a bit by the smart cookies on XRPChat. TL;DR? How Ripple is triggering a battle to become the new banking superpower in Asia. A key issue for China is their concern about currency outflows so any organisation that simplifies international remittance at a retail level will be under the spotlight. They know that wealthy Chinese nationals are using HK as a gateway to move funds out of China and they need to control that outflow. Some countries are making that job easier for China as part of trade negotiations - e.g. Australia imposed strict foreign investment rules that has had an immediate impact on foreign (read Chinese) investment in the Australian property market. That's not the whole story because the Chinese can't simply throw the baby out with the bathwater here. The Chinese have spent the better part of the last 40 years building up close economic ties and foreign investment in ASEAN, African and South American nations so international remittance becomes a very, very big deal. The Central Committee will therefore be watching this experiment very carefully. Why "experiment"? Since the Deng era, the Chinese government has been conducting all types of regional economic experiments in "Special Economic Zones". They often let the region run them on an informal basis (nods and winks) even where the practice is contrary to national laws. Then they sit back and watch to see how it plays out. One of the earliest examples were those conducted by Xi Zhongxun in Guandong Province in 1979. Who's Xi Zhongxun, you ask? Xi Zhongxun was the father of the PRC's current president, Xi Jinping. Xi therefore grew up in a region that was the Great Southern Gateway to Hong Kong and the West and a study case for testing capitalist ideas. That context should provide us with a clear pointer for where Xi and the Central Committee is heading with this. If this experiment is successful and avoids major financial pitfalls and adverse societal impact, any prohibitions mysteriously lift (sometimes without announcement) and we see the experiment converted into national policy. The acceleration after that is then unleashed (which is why I believe the introduction of xRapid won't be gradual, it will be sudden and explosive). The Chinese Government moves so quickly on regulation/de-regulation you can get whip-lash trying to keep up. Or worse, you wake up and find yourself in jail. What we are watching is effectively a banking technology arms race: we see a resurgent Shinzo Abe working the international circuit like you wouldn't believe, spruiking the Japanese economic recovery and drumming up support to have Japan become a Westerner-friendly counter-balance to China in Asia. The moves by SBI and Japanese FIs are significant for Ripple and XRP because it forces China/HK to play catch up and they won't like it for two main reasons: bare-knuckle nationalism and the battle to become a banking superpower in Asia. Singapore is the next one to watch. Thanks to the nature of Chinese politics and history, they can afford to calculate in generations, not years. Japan is more or less a single-party state so its political elite are effectively in the same position of strength. As is Singapore. All of this levels out the playing field and puts the heat on China who are, nonetheless, masters of the (very) long game. I bet the Central Committee is scrambling to formulate a coherent policy as we speak because they can't afford to be late to the party when the tectonic plates are shifting (apologies for the mixed metaphors). Luckily for us, they have the best and brightest working long hours to test the various scenarios including this "little experiment" being run by Lian Lian. I've stopped eating popcorn. It's just too much.
Anyone else think It's very interesting that China began cracking down on Bitcoin and ICOs right after the People's Bank of China met with Ripple. I'm really looking forward to Swell. This could be a turning point. Governments have finally caught on to blockchain and maybe they decided to side with the only one that's actively siding with them. Once they see that they can work with and regulate the fastest most scalable cryptocurrency... why on earth wouldn't they try to stamp out the slower one that's not working with them. It looks like ripple could be the only horse that's even allowed to race. https://www.google.com/url?sa=t&source=web&rct=j&url=http://ethereumworldnews.com/amp/ripple-welcomed-peoples-bank-china-discussing-blockchain-trends/&ved=0ahUKEwi36pKHtb3WAhWJ24MKHcqSCl0QFghJMAM&usg=AFQjCNERVu9F6zrJWADSUHUajb1zM_PcfA&cf=1
Speculation here but PBOC was at ripple headquarters not long ago we know they are in discussions with ripple. Right after this meeting PBOC and China decide to crackdown on bitcoin in china staying the reason as it is to hard to trace where the funds are coming from to buy. Wouldn't PBOC adopting xrp solve this problem say they adopt xrp and force anyone in china who wants to buy bitcoin to first buy a bridge currency that is more traceable that they can then use to buy other crypto. Just a thought opinions?