Chinese Steel Firm Executes the First Credit Transaction Letter of the Entire Globe Through Blockchain
Login

Chinese Steel Firm Executes the First Credit Transaction Letter of the Entire Globe Through Blockchain

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:

Chinese steel firm, Baosteel, has used blockchain technology to complete a letter of credit (LC) transaction. Baosteel executed the renminbi LC in collaboration with Rio Tinto, an Australian mining company.

The payment is the first time a cross-border contract, using the renminbi, is done paperless. The transaction was operated by the British multinational financial services firm Standard Chartered Bank (SCB), which is planning to use blockchain technology more widely.

The SCB used Contour, an open-trade finance platform operated by R3’s Corda enterprise blockchain to run and execute the contract. Speaking on the growth, SCB Documentary Trade Chief Samuel Matthew expressed excitement on the bank’s behalf.

“We are pleased to have played such a significant role as the digital LC issuing bank in such a large trade that marks the first RMB-denominated foreign LC between two banks via blockchain.”

Advancement has brought big news for the future of finance and the adoption of blockchain, particularly for international transactions. Some suspect, though, that this is part of a Chinese government strategy to counteract some control the US has through the dollar.

China is now evaluating the digital currency at the central bank. Testing in Suzhou City started in April utilizing transport incentives. Staff at a couple of agencies in Suzhou’s Xiangcheng District were expected to begin collecting half their CBDC transport incentives.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News