NEWS Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

[Google News Bot]

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet ...

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[Yaqoob Habib]

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This is a very good idea that if you come with gold based currency procession then people will be more confident and they will trade in it only.But right now most of the trading that is happening in cryptocurrency only because there is no other such Gold Based Currency introduce Haven't Done Yet But It Will Take Some Time But so far most trading is happening only in cryptocurrency.

 

[Potuse]

I love this kind of move and I know that motions would be raised on this type of development in the future and it has come to pass right now and I think it is a very good way to compete with the US dollar.

 

[Ononivami]

It will be a great deal if that could be created because the dollar is gaining strength everyday t and I'm also looking at Africa continent uniting and creating one currency that will stand to compete favourably with the American dollar.