KW: The author is no fool so there may be a lot more credibility to this story that you think – and the solution he is suggesting combining gold with blockchain technology is readily understandable. Farewell Bitcoin and the U.S dollar! Trump and his masters Pompeo and Bolton weaponising the U.S.$ in a show of strength and power could be the worst thing they ever dreamt up and the root cause of the decline of the U.S. Empire. The IMF has plans to replace the dollar with special drawing rights, or SDRs. But the most imminent threat comes SDRs with the oldest form of money – gold. Specifically, a combination of gold and digital currency may constitute a potent dollar alternative. That’s because here are practical problems with using gold as a form of currency, including storage and transportation costs. Now, Russia is solving these transactional hurdles by combining its gold position with distributed ledger technology, or blockchain technology. It would let Russia and China develop a new crypto-currency, where the value was fixed to either a weight of gold or another unit such as the SDR. Here’s just another example of how the dollar is being pushed aside.
Opinion | Russia and China might be considering a gold-backed digital currency.