#CryptoNewss
China has made a new system called digital #RMB for sending money across countries quickly and cheaply. It connects countries in ASEAN and the Middle East, allowing them to trade without using SWIFT, the old system that takes several days and charges a lot of money. In a test, money was sent between Hong Kong and Abu Dhabi in just seven seconds, with costs going down by 98%. This system is also safer because it uses technology to prevent fraud. Many countries and banks are interested, and traders are saving a lot of money by using it.
China is also using digital RMB in big projects like roads and trains, making it easier to trade. Countries in ASEAN are already using the RMB for trade, with a lot of business being done in 2024. Now, most countries can use this system, and it is being used for over $1.2 trillion in trade. This new way of using digital money is challenging the old systems like SWIFT and making global trade faster and better.$BTC