Russia and China talk about joining forces to shake dollar's dominance


By Damien Sharkov
Newsweek, New York
Wednesday, November 1, 2017

Russia and China could join forces in linking their national payment systems, to rival Western alternatives, Russian Prime Minister Dmitry Medvedev said at an event in Beijing.

Underlining the success of China's Unionpay system and Beijing's efforts to internationalize its currency, the yuan, Medvedev told a press conference in Beijing that Russia was developing its own payment system, known as Karta Mir.

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"At the moment it is being discussed whether Karta Mir should be linked to Chinese payment systems in some way," Medvedev said Wednesday, according to Russian state news agency Itar-Tass.

Russia first began work on Karta Mir in the aftermath of its political fallout with the West over Moscow's annexation of Crimea and ensuing war in Ukraine in 2014.

Standing next to his Chinese counterpart Li Keqiang, Medvedev said the system would allow people "to use the card in payments both on the territory of Russia and the territories of other countries.

"I think this has great prospects, which can allow to avoid problems that arise with the use of American payment systems. I am referring to Visa, MasterCard, and others like them." ...

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