Altcoin News Official TheBitTimes.com

The de-dollarization agenda is advancing as China’s central bank has asked lenders to raise their share of Chinese yuan while facilitating cross-border trade. The People’s Bank of China increased the floor ratio for Chinese yuan-denominated trade transactions from 25% to 40%. That’s a 15% increase in settling overseas trade and transactions in the recent realignment to benefit its local currency. Also Read: Russia’s New Economic Bank Fuels Global De-Dollarization Surge De-Dollarization: China to Punish Banks That Fail to Meet the 40% Chinese Yuan Criteria Source: iStock China is taking de-dollarization seriously and is cracking the whip on banks that fail to meet the 40% Chinese yuan criteria. The increase from 25% to 40% is dubbed the Macro Prudential Assessment and banks failing to meet the criteria will receive a lower score in regulatory review, said officials close to the matter to Bloomberg. Getting a low score would also affect the bank’s future business e...

April saw an uptick in efforts to establish a Bitcoin (BTC) reserve in Sweden. Within ten days, two members of the Riksdag – the Swedish Parliament – urged the country’s finance minister, Elisabeth Svantesson, to consider adding the cryptocurrency to the national holdings. The more recent of the two was submitted on Monday, April 14, by Dennis Dioukarev, who urged the government to consider whether Sweden would be wise to follow the United States in adding BTC to its reserves to bolster its foreign currency and gold stockpile. Instead of using taxpayer money to purchase Bitcoin, the MP also proposed that the Kingdom could follow America’s example and transfer digital assets seized as part of law enforcement action into more permanent custody. According to the letter, Svantesson has until noon on April 23 to offer her reply. Today I submitted a question to the swedish minister of finance @ElisabethSvan regarding a strategic bitcoin reserve for the centr...