What currencies can be used for Cross-Border Payment ?
The currencies used for cross-border payments vary widely depending on numerous factors, including economic strength, political stability, and market acceptance. Major world currencies like the US Dollar, Euro, British Pound Sterling, and Japanese Yen are commonly used due to their global acceptance and role in international trade and financial markets. Other currencies such as the Chinese Yuan/Renminbi, Canadian Dollar, and Australian Dollar also play significant roles in cross-border payments, particularly in commodities trade and regional economies. Digital currencies, including Bitcoin and stablecoins, are increasingly being used for cross-border payments, offering decentralized transactions and the benefits of blockchain technology. Factors influencing currency choice include regulatory environment, cost considerations, market fluctuations, and business agreements.
