China Advocates for Its Interbank Transfer Protocol in the Face of SWIFT Vulnerabilities
Introduction
A senior researcher has encouraged China to expand the use of its interbank transfer protocol, stressing the importance of reducing dependency on Western financial systems, particularly SWIFT. This comes as a response to the increasing risks associated with such systems.
Key Concerns
The researcher highlighted several key concerns regarding the reliance on SWIFT:
- Risks of Vulnerability: The inherent weaknesses in Western systems.
- Financial Security: The need for China to secure its transactions.
- Global Independence: Aiming for more control over its financial dealings.
Conclusion
Emphasizing the importance of developing its own financial infrastructure, China is poised to reduce its risks by promoting its interbank transfer protocol, potentially paving a path towards greater financial autonomy in the international arena.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.