JRL NEWSWATCH: “Russia’s New Gold Rush Could Shake Up the International Monetary System; Russia and China might be considering a gold-backed digital currency.” – Moscow Times/ Bruno Macaes

File Photo of Gold Bars with U.S. Government Engravings, adapted from image at fbi.govA

“Russia is buying … [a] lot of gold … quadrupl[ing] reserves [within a decade]. Gold buying last year exceeded mine supply for the first time … Russia is about to become a net importer …. Are the Russian authorities preparing for a renewed clash with the United States … attempting to reduce … vulnerability to … sanctions? Or do they fear a homegrown financial crisis? [Some commentators] suspect something bigger …. China may actually end the year as the top buyer after Russia. …. [T]he two countries expect to benefit from the other’s purchases … supportive of long-term prices. … at a moment when gold has become attractive as the anchor for new experiments in digital currencies. Gold and crypto are a marriage made in heaven, combining the stability of gold with the convenience and security of the blockchain. The surge in interest in the concept of gold-backed cryptocurrencies has raised the question of whether one of the many experiments being launched can aspire to become a leading global currency. …”

“Bruno Maçães is a senior fellow at the Hudson Institute and a former Europe minister of Portugal. He is the author of The Dawn of Eurasia and Belt and Road.”

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