Digital Assets in Russia-China Payments
Digital assets are increasingly used in cross-border transactions between Russia and China, primarily due to banking delays caused by international sanctions. Qifa, initially focused on importing Chinese goods to Russia since its inception in 2013, shifted in 2023 to facilitate trade between the two countries using cryptocurrencies, particularly Tether (USDT). This method bypasses traditional banking systems, enabling faster transactions. Russia is considering laws to legalize cryptocurrency use in international trade, which could further expedite these transactions. Despite challenges with compliance and dual-use goods, Qifa aims to expand its operations and explore new markets in Kazakhstan and other former Soviet countries.
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