When it comes to the cryptocurrency situation, it’ll be interesting to see in five years how the following report is viewed – an announcement introducing the Great Turnaround, or the introduction of the Clown Show of the Last Act:
In an attempt to eradicate trade transactions in fiat currencies, Russia is working with several countries to launch a stablecoin backed by the global monetary asset, gold, but this move could reportedly pave the way for the establishment of a new global economic order.
Nikhil Kamath, the co-founder of the Indian financial services company Zerodha, sounded the alarm about this undertaking led by Russia and Iran and noted that if this trend picks up, then it could establish a new global economic order.
Zerodha is the largest, most popular and technologically advanced stock broker in India that works on a low-margin, high-volume model that allows the company to charge a very minimal amount per transaction due to its generally high trading volume.
“Iran and Russia to issue a new stablecoin backed by Gold. Damn, if this picks up could be day 1, event 1 of establishing a new economic order everywhere. No idea why it’s getting no oxygen from the global press,” Kamath said in a tweet Monday. [International Business Times]
Because, well, this is Russia and Iran using Western technologies, if only inspired. Because the two countries together don’t have the international prestige and wherewithal to swing this project.
As the potential for corruption and grifting using cryptocurrencies comes into focus, why would anyone paying attention to international events even consider playing in this sandbox?
So this is just a weird little clown show, in my view.
