<a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">China</a> is actively strengthening its financial cooperation with <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/" rel="noopener noreferrer nofollow">Russia</a> by providing support in the form of central bank digital currencies (CBDCs) and participation in the M-Bridge project. This allows Russia to hedge risks associated with <a href="https://ultramining.com/news/en/major-bitcoin-mining-pool-foundry-usa-to-introduce-fee-structure/" rel="noopener noreferrer nofollow">US</a> sanctions, enhancing economic ties between the two countries.
According to recent reports, the trade volume between Russia and China increased by 29% in the first half of 2024, reaching $93 bln. The implementation of the digital yuan and participation in the M-Bridge project enable faster transactions and reduce reliance on dollar settlements.
The M-Bridge project, initiated by China, aims to create a multilateral platform for transactions using CBDCs. Russia's participation in this project allows it to bypass financial restrictions, imposed by Western countries, and strengthen its position on the international stage.

China Provides Russia with Digital Support via CBDCs and M-Bridge Project to Bypass US Sanctions

Ultramining_Eng

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