China Baowu achieves blockchain cross-border settlement with largest iron ore suppliers

Baosteel, a subsidiary of China Baowu Steel Group, and Rio Tinto Australia have recently completed the first cross-border settlement of RMB using blockchain technology, with a total amount of more than 100 million yuan.

Baosteel, a subsidiary of China Baowu Steel Group, and Rio Tinto Australia have recently completed the first cross-border settlement of RMB using blockchain technology, with a total amount of more than 100 million yuan.

This is another new development of Baosteel following the first cross-border settlement of RMB with Vale in Brazil and BHP Billiton in Australia in January and April this year.

So far, China Baowu and the world’s three largest iron ore suppliers have achieved RMB cross-border settlement of iron ore transactions.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/14/china-baowu-achieves-blockchain-cross-border-settlement-with-largest-iron-ore-suppliers/.

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