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.
There’s a big BRICS summit coming up in Russia in October 2024, where this topic is expected to be front and center. Leaders from both old and new countries will strategize over de-dollarization.
