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160 sats \ 1 reply \ @sb 24 Jul 2022 \ on: Russia And China Officially Announce A "New Global Reserve Currency" bitcoin
It seems to me that they will "gold back" this currency on paper, leading to strengthening against other Fiat ponzis. But then, of course, no "free citizen" of either country would be allowed to redeem their cash for gold, and leave the borders of the nation state. Best of both worlds for the autocrats of these nations. Gold has one too many fatal flaws.
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10 sats \ 0 replies \ @cryptocoin OP 24 Jul 2022
Russia even bailed on their April offer to pay 5,000 ruble per ounce of gold. The ruble has appreciated since then as only 4,100 rubles are needed to buy an ounce of gold more recently.
But the currency described in the RT article is based on a basked of the national currencies of the BRICS.
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