Could this new Russia/China cooperation program spawn a new cryptocurrency; one that may rival Biden’s CBDC initiative?
On March 11, a video conference was held between the EAEU (Eurasian Economic Union) and the CPR (Chinese People’s Republic). The two bodies made an agreement during the dialogue called “A New Stage of Monetary, Financial and Economic Cooperation between the EAEU and the PRC. Global Transformations: Challenges and Solutions.” Russia and China are moving closer together.
The mission is to create a new international currency that will be calculated based upon an index of currencies of the participating nations. Could this new currency become a cryptocurrency? The first draft is expected to be submitted by the end of March (2022).
(The current members of the EAEU include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan)
The session organized by the EEC (European Economic Community) and the Renmin University of China plans for the EAEU and China to “develop a project for an independent international monetary and financial system.”
The Minister for Integration and Macroeconomics of the EEC, Sergei Glazyev, stated, “Given the common challenges and risks associated with the global economic slowdown and restrictive measures against the EAEU states and China, our countries should intensify practical cooperation, both at the level of regular expert dialogues and in the area of joint measures and projects,”
China was the first in the world to move to the stage of national economic recovery.Sergei Glazyev
This economic merger between Russia and China is not new. In 2020, Sergei Glazyev brought forth a proposal. The splits were 50% within the Union and approx. 15% in settlements with China.
“Russia and China have created their own payment systems and a system of electronic information exchange between banks, but economic activity participants are still very inactive in using these infrastructure elements and still work in foreign currencies,”, stated Glazyez.
He continued, “I believe that we should radically reverse the situation and create our own Eurasian monetary and financial system. It would insure us against risks and would be reliable, transparent, convenient and efficient and would not be burden-some for economic activity participants.”
On stabilizing the exchange rates of the national currencies, Glazyez noted: “It is long past time to sign an agreement between the EAEU States to ensure stabilizing exchange rates and to create a “currency snake” similar to the one existed in the European Union countries.”
China’s New Silk Road
In 2013, President Xi Jinping launched BRI (China’s Belt and Road Initiative). This mission plans a “vast network of railways, energy pipelines, highways, and streamlined border crossings, both westward—through the mountainous former Soviet republics—and southward, to Pakistan, India, and the rest of Southeast Asia.”
With the growing tension between China and the United States, this plan seeks to bolster China’s economic power in the region. China seeks to “develop new investment opportunities, cultivate export markets, and boost Chinese incomes and domestic consumption.”
Under Xi, China now actively seeks to shape international norms and institutions and forcefully asserts its presence on the global stage.CFR’s Elizabeth C. Economy
What Does This Mean for Americans?
This is obviously a continuation of de-dollarisation in Russia and China. Maybe Biden’s CBDC executive order will combat this since the cryptocurrency has zero transparency.
For people who have read “The Patriot Report: Unmasking the Conspiracy of Money and War”, none of this should be surprising. Where there is war there is generally a restructuring of financial and monetary policy. The Great Reset is upon us.
While everyone is distracted by the Ukraine war or Kanye West’s divorce from Kim Kardashian our monetary lives are entering a new era. The way we transact is going to change. Banks will no longer be banks. They will become institutions of cryptocurrency insurance and security. Pay attention and buy bitcoin.