BRICS: Bolivia Ditches U.S. Dollar, Pays Chinese Yuan for Global Trade
The BRICS alliance is becoming successful in convincing developing countries to end reliance on the U.S. dollar and pay in the Chinese Yuan as an alternative currency, and Bolivia is an example. Bolivia is using the Chinese Yuan to settle cross-border transactions and not the U.S. dollar, reported the Associated Press. The Bolivian Economic Minister, Marcelo Montenegro acknowledged that the country’s Central Bank switched to the Chinese Yuan for global trade. The Latin American country is harnessing the Chinese Yuan due to the U.S. dollar’s shortage that’s plaguing its economy. Also Read: Russia & India Make Huge Announcement on BRICS Currency BRICS: Bolivia Uses Chinese Yuan, Sidelines The U.S. Dollar Source: news.bitcoin.com Montenegro stressed that Bolivia plans to have a branch of a Chinese bank in the country. The Chinese branch of the bank would accelerate currency adoption, allowing smoother and more cost-effective remittance. Bolivia is f...