Iron Ore Sold Using Blockchain and National Currency of China
13 May 2020 14:03, UTC
Shanghai steel company Baosteel and Australian mining and metals company Rio Tinto completed the first deal using yuan and blockchain technology. This was announced on Tuesday by the parent company China Baowu Steel Group. The deal amounted to more than 100 mln yuan ($ 14 mln).
Baosteel's first such deal was with Brazilian Corporation Vale SA in January this year. According to Baowu, the use of settlements in yuan is in line with the development trend of yuan internationalization.
BHP tested blockchain technology in a joint pilot project with NYK, a Japanese shipping company, to test sustainable biofuels as part of an industry decarbonization effort.
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