China And Russia Dumping The Dollar? A Joint Cryptocurrency?

It has been well documented that Russia has been selling off U.S.treasury holdings, reducing all dollar holdings as well as buying gold and bitcoins for quite some time. But now teaming up with China to establish bilateral trade in their respective currencies could open the door to create a joint cryptocurrency. Possibly gold backed? To quote Russian state-owned news outlet TASS;

"It is planned that Russia and China will be developing bilateral payments in national currencies, encourage and expand the use of national currencies, particularly through promotion of their use when signing international trade contracts. According to the draft agreement, the sides will also assume required measures to lift barriers for payments in national currencies."

Think about it. A joint cryptocurrency would be a strong alternative to the dollar AND even allow the circumvention of sanctions. Just thinking. Read deeper below.

Bill Taylor/Fintek Capital

"Just one month after conducting joint military exercises, Russia and China are set to sign an agreement which would boost the use of their national currencies in bilateral and international trade in an attempt to mmove away from the current dollar-denominated financial system, according to Russian state-owned news outlet TASS.

It is planned that Russia and China will be developing bilateral payments in national currencies, encourage and expand the use of national currencies, particularly through promotion of their use when signing international trade contracts. According to the draft agreement, the sides will also assume required measures to lift barriers for payments in national currencies. -TASS

The Kremlin released a draft decree on Wednesday outlining "settlements and payments for goods, service and direct investments between economic entities of the Russian Federation and the People’s Republic of China are made in accordance with the international practice and the legislation of the sides’ states with the use of foreign currency, the Russian currency (rubles) and the Chinese currency (yuan)."

According to the draft, Moscow and Beijing will cooperate to develop a national payments system, along with cross-border payments in national and other currencies..."