cips

Brazil has just taken a strategic step towards dedollarization by integrating into CIPS (Cross-Border Interbank Payment System) — the Chinese alternative to the SWIFT system. This move could transform the way the country conducts international transactions, especially with Asia, and open space for new dynamics in foreign trade and the crypto market.
🏦 What is CIPS?
Created by the People's Bank of China, CIPS allows international payments in renminbi (RMB), with less reliance on the dollar. It is already used by more than 1,400 institutions in over 100 countries and has been gaining strength as a tool to circumvent financial sanctions and reduce transaction costs.