The Chinese iron ore industry is moving towards using blockcha-driven cross-border platforms to trade in the national currency of the Yuan (RMB), rather than the more common transactions in US dollars (USD), as importers begin to adopt the technology.
According to China Economic Net, some of the world’s largest Bitcoin Billionaire miners have called for the adoption of blockchain platforms to sell the material directly to Chinese companies without any complications.
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The report suggests that importers also want to adopt the next digital yuan as soon as it is officially launched in the country, to make transactions less dependent on the U.S. currency.
Powered by blockchain
Recently, Ansteel Group International Economic Trade Co., Ltd. and Rio Tinto Group completed a RMB 100 million (USD 14.44 million) cross-border settlement transaction driven by a blockchain.
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During an interview with International Finance News, a representative of Rio Tinto commented on the blockchain-backed transaction:
„Already in 2014, we made transactions in RMB with Baosteel. In 2019, we also established a port business. Now, Chinese customers can buy our products in small quantities at Chinese ports and pay in RMB. As a major supplier to Chinese customers, we believe that port sales can help us better serve our existing customers.
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The Xinhua News Agency also reported on August 10 that in the first half of the year, cross-border revenues and payments in RMB amounted to RMB 12.7 billion (USD 1.83 billion), a 36.7% year-on-year increase.
In April, Cointelegraph reported that a pilot project for a cross-border platform supported by blockchain had been launched in the Chinese city of Qingdao. The companies involved have already made their first transactions with partners in North America and South Asia.