China and Russia Adopt Digital Payments for Trade

China and Russia are using digital payments, like cryptocurrencies, for trade to avoid slow and complicated banking systems due to sanctions.

They’re trying to reduce reliance on the US dollar, with over half of Chinese trade payments now in RMB instead of USD.

The BRICS countries are planning to link their financial systems using digital currencies, wanting full independence from the dollar.

China and Russia are ditching traditional banking for digital payments in their trade dealings. Sanctions on Russia have made banking a nightmare, with some transactions taking months to clear. 

This hassle has pushed both countries to explore quicker, more efficient digital alternatives. Qifa, a digital platform operating in Beijing and Moscow, has become a key player in this. 

Reportedly, they recognized that using digital payments, including cryptocurrencies, can speed up transactions, sometimes completing them in just a day. 

With fewer Chinese banks willing to risk sanctions, these digital methods are becoming more and more critical.

The Move Away From The Us Dollar

This embrace of digital payments isn’t just about speed. No, it’s part of a bigger agenda to move away from the US dollar. BRICS countries have had a rough time with the dollar’s dominance. 

Brazil has struggled with economic ups and downs due to changes in the dollar’s value.

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