TBH China is not currently bombing a foreign country for no reason and it is not threatening to invade its allies.
It’s not a particularly high bar, but of the big powers, only China currently meets it.
And I know you will say „but payment networks are not a warfare question, they are an economic question“ but that kind of breaks down when they are used to sanction ICC judges presiding over war crime cases.
China has invaded and conquered other countries before, has occupied territories and clearly plans to invade at least one neighbour id it gets the chance. Its hugely oppressive internally and is wiping out minority cultures by any means required.
Sometimes, yes. In the case of bankings systems combined with payment systems you could end up reliant on both. If the US sanctions you only people using a Chinese OS to make payments through a Chinese payment system will be unaffected and vice-versa. Either will be able to take your economy down.
The BRICS organization is precisely setup to not rely on the single actor, China included. They all have strong disagreements, but they all agree having a single global bully (USA) is bad for all involved parties.
It can be better, if the alternative mechanism is designed with safeguards against hijacking by a single state. Naturally, the threat of sanctions can always bully banks or states into acting one way or another, but at least it would not be through the cutting off of money transfers between willing parties.
Of course, that's an _if_, not something to just take for granted.
