Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Russian commodity firms are turning to stablecoins for financial transactions with Chinese counterparts amid difficulties in using traditional methods. This shift is driven by challenges in executing deals and concerns over Western sanctions. Chinese cross-border transactions are increasingly in RMB, with a decline in China's holdings of US treasuries, signaling a move towards de-dollarization.
"Russia sanctions are ineffective, says Dubai trade hub chief" -- Financial Times. Y'think? Brokers in Dubai are using crypto to finance Russian trade outside the dollar banking system.
Stablecoin issuers intentionally avoid carrying out AML checks on their holders, so it makes sense that Russian commodity firms are increasingly using them, especially as U.S. secondary sanctions start to bite. https://t.co/ncxlzqAGcM
While on currency issues, this from Bloomberg. #economy #markets #china #econtwitter https://t.co/yppAEd6PFB