Chinese Banks Reject Russian Payments, Boosting Use Of Crypto

Quick Summary:

Chinese regional banks, once vital for processing Russian payments, are now rejecting these transactions due to concerns about secondary sanctions.

This has led to the rise of alternative methods such as cryptocurrency and barter to maintain trade between Russia and China.

As new laws regulating crypto payments come into effect, their use in bypassing traditional financial systems and potential sanctions may become more prevalent.

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Article Details

Author / Journalist: Sofiya

Category: Crypto

Markets: IndiaChina

Topics: Payments Chinese banks News Latest News Reject Russian Crypto Boosting Use

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-17 @ 18:57:26 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 174 words

Reading Time: 1 minutes read

Sentences: 9 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 22119267

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About BitcoinWorld

Main Topics: Crypto

Official Website: bitcoinworld.co.in

Update Frequency: 11 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 17 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #121

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