They are trying to escape the Swift system, a ledger technology.
But if they back their crypto up with gold then it ain't crypto, it is chunks of metal held in my safe deposit box, numb skulls. Swift usually works because it is backed by the supply and demand for liquidity and transaction costs are supposed to be low. The problem with Swift is that transaction costs are going way up with the sanctions and the too big to fail regulations. And Swift is not backed by a perfect liquidity market, it is backed by badly designed central banking.
I have a clue. Crypto works better when it is backed by the supply and demand for liquidity because liquidity is what domestic economics parcel out with their currency. Bitcoin is the exception, it is not really a payment system,, bitcoin is an ideal FX tool.
Whew. Talk about running in circles. The BRICs have to free the liquidity markets, otherwise their currencies are as about as worthless tomorrow as today. If each BRIC can figure out a fair traded liquidity pit, they be fine, with or without a block chain.
Do not listen to Russia, they are into the impossible trilemma, listen to me. Just define the automated, fair traded liquidity pit according to sandbox boundary conditions. This is also called joining the shadow banking network. China, Russia, Brazil and India are going no where with their new concoction until they capitulate to the need for fair traded liquidity. Dump the trilemma crap.
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