Chinese iron ore importers want to adopt the digital yuan to make transactions less dependent on American currency.
The Chinese iron ore sector is shifting towards blockchain-powered cross-border platforms to conduct trade deals in the national currency yuan (RMB), rather than the more usual USD transactions, as importers begin to adopt the technology.
According to China Economic Net, some of the world’s biggest iron miners have called for the adoption of blockchain platforms to sell the material straight to Chinese companies without the greenback involved whatsoever.
The report suggests importers also want to adopt the upcoming digital yuan as soon as it’s launched officially in the country, in order to make transactions less dependent on American currency.
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