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Nearly all Chinese banks are refusing to process payments from Russia, report says (www.businessinsider.com)

submitted 2 months ago by lemmee_in@lemm.ee to c/world@lemmy.world

94 comments fedilink hide all child comments

The impact of the West's sanctions just seems to be getting worse and worse for Russia.

Now, 98% of Chinese banks — even small regional ones — are refusing to accept direct Chinese payment transfers from Russia, Alexey Razumovsky, the commercial director of the payments company Impaya Rus, told the pro-Kremlin media outlet Izvestia.

Such issues appear to have intensified over the past three weeks, as smaller Chinese financial companies were still processing Russian payments in May and June, Izvestia reported.

Last month, the Russian outlet Kommersant reported that about 80% of bank transfers made in the Chinese yuan were bouncing back with no explanation after being stalled for weeks while banks decided whether they could transact.

Razumovsky told Izvestia the payment challenges with Chinese banks could contribute to supply-chain difficulties and inflation in Russia.

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[–] Laser@feddit.org 9 points 2 months ago* (last edited 2 months ago) (4 children)

Because for those states and companies, crypto is a toy and not real money. Also not having a bank means your transactions are always final (nobody is putting up with multisig).

Crypto has been great for buying drugs via darknet and taking money from investors for partnerships that don't exist or make sense. Been using it myself actually. Also facilitates gambling, either via crypto casinos or directly against its price. Outside of that, traditional banking wins.

It's also questionable whether a state could acquire so much crypto quietly at this point. Most big holders are either very publicly about it, like Argentina, or confiscated it from illegitimate sources (like when Germany raided a darknet market operator).

[–] frezik@midwest.social 1 points 2 months ago (3 children)

I suppose they could mine it all themselves. To handle all its international trade, a good sized nation state would need the electrical production of a smaller nation state just for that.

[–] Laser@feddit.org 3 points 2 months ago (2 children)

The amount of crypto you can theoretically mine is independent of your hashrate and only dependent on the block reward plus transaction fees... and these are minuscule compared to what a state needs.

In practice, if an actor held even slightly more than 50% hashrate, trading with him would be a major risk. Which means that's about the upper limit of what you can actually mine.

[–] BobGnarley@lemm.ee 1 points 2 months ago (1 children)

See this was what I was really wondering. Some cryptp like Dogecoin and Monero have unlimited amounts that can be mined and while certainly not practical in my mind I was 100% thinking why not just mine a fuck ton of Doge or something and have it agreed upon that that is the international trade money.

I do see how converting it into a fiat currency would be problematic though but in that case wouldn't gold or silver also he able to be utilized?

[–] Laser@feddit.org 2 points 2 months ago

The goal of a banking system is to move money (possibly a lot) quickly, without physical exchange, for the maximum number of goods and services. States also want to control a currency for their fiscal policy, and they want to be able to go into debt.

Established crypto fails the maximum number, fiscal policy and debt criteria. As soon as you introduce mandatory physical exchange via previous metals, what remains?

And yes; Monero theoretically has an infinite amount of coins. However, it has reached tail emission since about two years, meaning the block reward is 0.6XMR every two minutes, which currently equates to about $65.000 per day. However, mining requires CPUs, which would need to be acquired first.

All in all, the current numbers don't make it a feasible solution.