The transaction is the first time a cross-border deal is completed paperless, using the renminbi. The transaction was powered by British multinational financial services company Standard Chartered Bank (SCB) and shows promise for more widespread use of blockchain technology.
The development brings great tidings for the future of finance and blockchain adoption, especially for international transactions. However, some believe that this is part of a plan from the Chinese government, to offset some power the United States has through the dollar.
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