China News Daily Official TheBitTimes.com

China is offering BRICS members and other developing countries to avail loans in the Chinese yuan (RMB) with interest subsidies. The Communist country is looking to internationalize the local currency by promoting it in the form of loans. The loans can be disbursed to emerging economies for infrastructural projects, building airports, seaports, and railroads, among others. The move is strategic and China is pushing the Chinese yuan loans with interest subsides when BRICS and other nations are distancing themselves from the US dollar. The timing is ripe as geopolitical tensions are gripping the world die to tariffs and trade wars from the US. The campaign aims to facilitate trade and infrastructural developments making the Chinese yuan be used for projects. Also Read: BRICS Launching QR Code Payments To Avoid US Dollar Chinese Yuan Loans For BRICS With Interest Subsidies Source: AFP Pushing the Chinese yuan ahead in the form of loans from BRICS and other countries will reduce US dollar ...

Several bankrupt cryptocurrency firms, including Alameda Research, Blockfolio, Celsius, and Voyager, previously received Payroll Protection Program (PPP) loans through the pandemic-era program. The Payroll Protection Program was a pandemic-era business stimulus program that offered loans to businesses that maintained employment of its employees through the beginning of the pandemic; these loans could then be forgiven. The program was plagued by fraud, with the Small Business Administration inspector general identifying $78.1 billion in potentially fraudulent loans. Sam Bankman-Fried’s failed trading firm, Alameda Research, received a $370,518 loan from Signature Bank and successfully paid back the loan. Bankman-Fried was subsequently convicted of multiple felony counts related to fraud conducted at Alameda Research. Data via ProPublica. Read more: Scammers pose as bankrupt cy firm to drain Celsius users’ wallets Blockfolio, a firm that would end up as part of the Bankman-Fr...