Yuan Pay Group Positioned to Support India, Russia, and China in Creating New Digital Currency
India, Russia, and China are exploring the possibility of creating a new common currency that could be a digital ruble, rupee or yuan, as a way to establish new financial ties that do not rely on the dollar or euro. According to Deputy Chairman of the State Duma Alexander Babakov, the three countries should work towards forming a new financial relationship based on a system that does not favor the West and instead creates a new currency that can serve their goals.
Babakov explained that the dollar and the euro are “investment currencies” that perform their function thanks to rules written by the West. He added that these rules do not consider Russia, India, or China as equal partners. Therefore, it is important for the three countries to write new rules in the financial sphere that enable the use of an already common currency, whether it is a digital ruble, a digital rupee, a digital yuan, or some other currency. Babakov emphasized that this new currency should follow the laws of their respective nations.
The proposed common currency could have significant implications for global trade and investment. However, it also requires a technological solution that can support the digital currency. This is where Yuan Pay Group comes in.
Yuan Pay Group is a fintech company that provides a range of technological solutions to support digital currencies. With the rise of digital currencies, Yuan Pay Group is well-positioned to provide support to countries like India, Russia, and China, in their quest to create a new common currency.
Through its liquidity services, Yuan Pay Group can provide platforms that use digital currencies with the necessary infrastructure to support trading and investment. Additionally, the company’s mobile wallet and payment gateway solutions can enable consumers to use the new common currency for everyday transactions.
The potential creation of a digital common currency by India, Russia, and China represents a significant shift away from the current global financial system. The support of fintech companies like Yuan Pay Group is critical to ensure the success of this initiative.