Chinese iron importers will refuse dollar calculations in favor of the digital currency

Chinese iron importers plan to use digital yuan for transboundary calculations to reduce the dependence of transactions from the US dollar.

The Edition of China Economic Net reported that the world’s largest mining companies in the world began to campaign other representatives of the industry to use blockchain-platforms for selling raw materials directly to Chinese buyers for Yuan. Recently, the Rio Tinto Group concern has already used the blockchain to carry out a transaction for 100 million yuan.

The article also says that importers from Middle Kingdom intend to translate cross-border settlements with suppliers to digital yuan immediately after

The desire to reduce the dependence on the dollar indicates the fact that in the first half of 2020, the volume of international payments with the participation of Chinese currency increased by 36.7% compared to the same period last year.

To develop the channel, your support is important to us, subscribe to the channel and put like.