I think the point is, nobody trusts them enough to accept certificates. They'll sell it -- at discount -- when they put it on a train and deliver bullion.

[–] isleofmist@lemmy.ml 6 points 2 years ago

I'm sure China will raise no objections. Neither will India or Turkey.

[–] yogthos@lemmy.ml 4 points 2 years ago (1 children)

Nobody being a small set of countries that arrogantly believes themselves to be the entirety of the world:

What nobody will trust going forward is the western financial system. Now that there are multiple cases of central bank assets being seized completely illegally, any countries that aren't already vassal states of the US will start moving to a new system. China's CIPS being a prime candidate.

[–] Julianus@lemmy.ml -3 points 2 years ago (1 children)

Lol, are you rushing to sign up for a Russian back account? I hear the exchange rate for rubles is starting to look like satoshis. And China plays so many games with their currency that nobody trusts it now. Seriously, keep wishing as hard as you can, but there's nothing better yet.

[–] yogthos@lemmy.ml 2 points 2 years ago

I certainly expect that Russia's financial system will fare much better than western one in a few years. Again, I have no idea who it is that doesn't trust Chinese financial system given that it's already doing a comparable amount of transactions to SWIFT. You could try educating yourself on this, here's a book you could try reading https://ca1lib.org/book/17400989/38bcf4