In the longer run, Russia, China, Iran, Turkey and others are working flat-out to invent and implement non-dollar transactional currencies and independent payments systems.
Russia has begun a major research and development effort in the area of distributed ledger technology (also known as “blockchain”)
- so that financial transactions can be processed and verified without reliance on Western-controlled banks.
- This will not involve dead-end cryptocurrencies like bitcoin but
- entirely new utility tokens and cryptos.
- Imagine something like a putin-coin and you’ll be on the right track.