"Quantum Financial System (QFS) is building a Virtual Private Network (VPN) for the Cross-Border Interbank Payment System (CIPS)."
https://dinarrecaps.com/our-blog/quantum-financial-system-explained
"CIPS is sometimes referred to as the China Interbank Payment System."
https://everipedia.org/wiki/lang_en/Cross-Border_Inter-Bank_Payments_System
"The Cross-Border Interbank Payment System (CIPS) is a payment system which offers clearing and settlement services for its participants in cross-border RMB payments and trade. It is a significant financial market infrastructure in China. As planned, CIPS will be developed in two phases."
https://en.wikipedia.org/wiki/Cross-Border_Inter-Bank_Payments_System
"China has created the Cross-Border Interbank Payment System (CIPS) to facilitate the use of the renminbi as an international trading currency. China thus makes its own trading and financial relationships more streamlined, reduces illicit transfers, and provides a level of protection from sanctions. The number of direct and indirect clearing banks enrolled in CIPS has climbed substantially within a short time. China hopes that as the system develops and increases the volume of renminbi transactions, the global dominance of the US dollar will decrease."
https://www.canada.ca/en/security-intelligence-service/corporate/publications/china-and-the-age-of-strategic-rivalry/beijing-creates-its-own-global-financial-architecture-as-a-tool-for-strategic-rivalry.html
"The CIPS Virtual Currency will look, on the surface, much like Bitcoin, but it will be secured by real assets and it will replace all current currencies, worldwide.
Transactions will run on the QFS VPN and can be used for the purchase of all goods and services, utilizing the resources of the CIPS."
https://dinarrecaps.com/our-blog/quantum-financial-system-explained
"To wean itself off of dollar dependence, China launched its own yuan-denominated clearing and settlement system, called the Cross-border Interbank Payment System (CIPS), in 2015. Though CIPS has grown rapidly in the years since, it remains tiny. Only 980 financial institutions have used the service, less than a tenth of the number using Swift. And it processes a mere $19.4 billion a day, compared to up to $6 trillion a day on Swift. Russia, India, and China are looking into building a Swift alternative, but that plan is in its infancy"
https://qz.com/1893235/swift-transfer-system-leaves-china-vulnerable-to-us-sanctions/
CIPS and the International Role of the Renminbi
https://www.frbsf.org/banking/asia-program/pacific-exchange-blog/cips-and-the-international-role-of-the-renminbi/
Phase 2 of RMB CIPS (Cross-border Interbank Payment System) Fully Launched
https://www.reddit.com/r/Ripple/comments/8ihiky/phase_2_of_rmb_cips_crossborder_interbank_payment/