On the note of China, they are in fact conducting bilateral transactions with Russia without using USD outputs. So on top of the Russian currency reserves being emptied, China is willing to do business with Russia on their own terms.
Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.
It's going to be a problem if the CCP's currency becomes the global standard.
Interesting side note, Israel is a major U.S. ally, and for the first time, they've adopted Yuan into their own currency reserves dropping their share of USD. It isn't just Russia that is diversifying their assets.
It's going to be a problem if the CCP's currency becomes the global standard.
China's Yuan becoming the global standard will be a total nightmare for sure. If that happens, communism/socialism will win. I'm pretty sure the US won't let that happen or that will mean the end of democracy for good. Russia may be falling, but it still has China (and some allies) by its side. That may not be enough to help rise its economy from the ground up, but if the US and its allies continue to show weakness, then the tables will turn faster than you can imagine.
On the issue of approving BTC, I don't think Russia will take such measures since that will mean going against China. The Russian government will still use BTC in secret, but it won't be approved for use by the people. It really doesn't matter which country approves or disapproves of Bitcoin since regulations can't really be enforced. That's the beauty of decentralization. Who knows what the future holds for Bitcoin as it becomes too big to fail? Just my thoughts
Looking at the present, USD is under threat and weaker than ever, but I believe that the US will do everything, regardless of not losing its position as a leading power. China and Russia are creating a new alliance that restricts the use of USD and EURO in their transactions and they want to overthrow the dominance of USD and EURO but it is still difficult to say whether China's Yuan will soon replace the USD.
Bitcoin is only one method in Russia's choice of means of payment with its counterparty, so it will not affect the relationship of the two countries. Yes, bitcoin has become too big to beat even if China gets rid of bitcoin.