Friday, August 31, 2018

Gold backed cryptocurrencies could be used to bypass U.S. sanctions in weapons trade according to Russian lawmaker

When you look at the fact that the United States constantly uses its privilege as controller of the world's reserve currency to unilaterally declare economic warfare on anyone who dares go against their agenda, Washington should not be surprised when nations choose then to ditch the dollar and to look for other ways to conduct commerce outside of their authority.  And in an ironic turn of events, America's sanction war against Russia could soon see the escalation of cryptocurrencies take over for the reserve currency, especially in the global arms industry.

Recently the U.S. has been trying to browbeat nations into not purchasing Russia's highly capable S-400 missile systems in favor of their more antiquated and less reliable Patriot one.  And because of this, a Russian lawmaker on Aug. 31 put forth the suggestion that Moscow could potentially accept gold backed cryptocurrency as payment for their weapons systems.

Graphic use courtesy of Bitcoin.com
A ranking Russian lawmaker has put forward a suggestion for Moscow to accept gold-backed cryptocurrency for payments in Russian arms exports to go around financial sanctions imposed by the West against the Kremlin, reported the official Russian state news agency, Tass. 
Vladimir Gutenev, first deputy head of the economic policy Committee of the State Duma, the Russian Parliament’s lower chamber, also proposed the suspension of several treaties with the US, including the non-proliferation of missile technologies, as well as the deployment of tactical nuclear weapons in other countries. 
“In order to respond to possible US attempts to thwart deals on Russian weaponry and civilian goods," Gutenev said and added Russia should "consider the possibility of conducting transactions in cryptocurrencies that are linked to the value of gold." - Cryptovest
Ongoing trends for the future of commerce are showing that it is very likely that use of gold and silver, Blockchain technology, and cryptocurrencies in some form will replace the current dollar system that acts as a medium of exchange for global trade.  And with Russia being at the forefront for ditching the dollar, accumulating gold, and aiding in the creation of Blockchain technologies, it should not be surprising if gold backed cryptocurrencies in some form become a way for nations to evade U.S. hegemony and their use of the dollar as an economic weapon.

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