China Unveils Blockchain Project to End US Dollar in Trade Relations and Enhance Belt and Road Initiatives

The unveiling of China’s Blockchain infrastructure project for the Belt and Road Initiative marks a significant step in the country’s efforts to reduce its reliance on the US Dollar in trade relations. The project, announced by the Shanghai Tree Map Blockchain Research Institute, has garnered support from various institutions, including top universities and technology organizations.

This move comes as part of the BRICS alliance’s ongoing de-dollarization efforts, with a focus on utilizing digital assets to enhance trade initiatives. Despite China’s ban on cryptocurrency trading and ownership, the country has seen success with its digital yuan and is now looking to expand its usage in international trade.

The implementation of blockchain technology in the Belt and Road initiatives is expected to streamline cross-border transactions and enhance cooperation among participating countries. This project not only highlights China’s commitment to blockchain technology but also underscores the BRICS bloc’s collective efforts to reduce dependence on the US Dollar.

As discussions around a potential BRICS native currency continue, the development of a blockchain-based payment system could pave the way for a digital asset to facilitate trade within the alliance. With China leading the charge in blockchain innovation, the future of global finance could see a significant shift towards decentralized digital currencies.