“China created Unionpay 13 years ago to serve as its own interbank for payments. The unique benefit of Unionpay is that is controlled by the People’s Bank of China and has no relation to the western banking system. In fact, the Russian government is using the system while they build their own payment system to get away from western systems. One Russian billionaire commented that he got a Unionpay-backed card to protect himself after US sanctions were imposed on Russia. You can get a Unionpay card by opening a bank account in Mainland China. Interestingly enough, wealthy Chinese are even using Unionpay for capital flight out of Mainland China.”
http://nomadcapitalist.com/2015/03/02/offshore-credit-card-china-unionpay/
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