A Russian gold backed crypto currency ?
Just Rumors for now but then The situation is heating up this week for The petrol dollar. The key here iswho is holding the gold in a safe place and if the USA and it allies have enough gold to manipulate its worth to upset the balance of the new payment system.
serf
https://www.trustnodes.com/2019/04/08/rumors-russia-preparing-to-launch-a-gold-backed-crypto-says-former-europe-minister-for-portugal
A gold backed crypto would make sense for them, at least as a backup in case they?re cut off from correspondent banking ? and thus international trade.The way this would work is quite simple. You designate 1 crypto token as say 1 gram of gold, whoever wants it sends fiat, they receive the token, and the gold is perhaps held by the Bank for International Settlements (BIS) with intermediary banks then handling the redemption and creation.
Could be given in trust to BIS. Or to AIIB. Or to a new Sino-Russian institution
serf
https://www.trustnodes.com/2019/04/08/rumors-russia-preparing-to-launch-a-gold-backed-crypto-says-former-europe-minister-for-portugal
A gold backed crypto would make sense for them, at least as a backup in case they?re cut off from correspondent banking ? and thus international trade.The way this would work is quite simple. You designate 1 crypto token as say 1 gram of gold, whoever wants it sends fiat, they receive the token, and the gold is perhaps held by the Bank for International Settlements (BIS) with intermediary banks then handling the redemption and creation.
Could be given in trust to BIS. Or to AIIB. Or to a new Sino-Russian institution
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if 1 crypto = 1 gram of gold,
what happens when the value of your crypto goes through the roof?
or gold goes way down? or up?
what sort of guarantee is it that some russian thugs say they have gold somewhere?0 -
Maybe it will make us get back on the gold standard. 0 -
It could be worse, it could be backed by nothing like Bitcoin 0 -
Ja !! We have lots of gold bars. 
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