Experts: Transitioning to electronic rubles and yuan is one way to connect Russian and Chinese payment systems
Russian State News Agency, Moscow, September 16 - Sergey Zhiprakov, chief researcher at the Center for Chinese Socioeconomic Studies of the Institute of China and Modern Asia of the Russian Academy of Sciences, told Sputnik that transitioning to electronic rubles and electronic yuan is one of the ways to connect Russian and Chinese payment systems, but implementation will take a considerable amount of time.
Previously, Russian President Putin at the Eastern Economic Forum held in Vladivostok said that it is not ruled out to connect Russian and Chinese payment systems to facilitate travel for tourists.
Zhiprakov pointed out that the optimal way to connect Russian and Chinese payment systems might be to transition to electronic yuan and electronic rubles. That is, the entire system should be closed, safe and risk-free for customers. The current cross-border payment system CIPS in China is connected with SWIFT, and Western countries can see the transactions conducted through it, while Chinese banks do not want to be subject to secondary sanctions.
Zhiprakov said that connecting Russian and Chinese payment systems is an overall achievable task, but it will take a considerable amount of time.
Zhiprakov said: "Under the current conditions, this task is very urgent for Russia, but, as I said, all possible risks, including the impact of Western third-party countries, must be considered and assessed. Implementation of this task cannot be done in a few months, but rather requires several years."
Original: www.toutiao.com/article/1843374943703369/
Statement: This article represents the views of the author himself.