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Bank of China's independent R&D blockchain cross-border payment system

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https://finance.sina.cn/blockchain/2018-09-14/detail-ihkahyhw9439130.d.html

Recently, Bank of China successfully completed the US dollar international remittance between customers in Hebei Xiong'an and Seoul, South Korea through the blockchain cross-border payment system. This is the first international remittance business completed by domestic commercial banks using self-developed blockchain payment system. .

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Also in August, Saudi Arabian bank Al Rajhi worked with Kuwait Finance Corporation (KFH) to complete cross-border payments for the first time based on Ripple technology.

The possibility of using Ripple for cross-border payments is also the Bank of India. According to FXStreet, the National Bank of India (SBI) will begin to use Ripple to promote instant cross-border payment solutions.

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How is this good news lol? I just read the whole article and unless we are looking for hidden meaning this was developed internally and the are willing to share to make a stronger interbanking system.

Reads as just more competition in my mind.

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2 hours ago, pumpndump said:

How is this good news lol? I just read the whole article and unless we are looking for hidden meaning this was developed internally and the are willing to share to make a stronger interbanking system.

Reads as just more competition in my mind.

I can tell you right now no western government is going to use or support tech developed by the State of China. Why would a hedgemon use the tech of its only rival? 

They're doing everything they can to block Huwai tech, Kaspersky (I know Russian), mergers with Chinese companies with major US companies. 

XRP will succeed because its an independent world value system. 

Edited by keybordem

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