If so, such a move would accelerate global de-dollarization and would be disastrous for the United States.
The petroyuan faces a tough road, but one the BRICS nations led by Russia will reportedly consider going down at its fall summit.
In an article published by the OMFIF, Zhejiang University senior fellow and former senior economist for the Bank of International Settlements Herbert Poenisch reported that Russia will push for a new denomination for oil using the mBridge payment system at the BRICS summit at the end of October.
The Bank of International Settlements (BIS) Innovation Hub leads the mBridge project in collaboration with the central banks of Hong Kong, Thailand, China, and the United Arab Emirates. Saudi Arabia – the world’s number two oil producer – recently joined the project.
The goal is to create a cross-border payment system using central bank digital currencies (CBDC). As Poenisch described, the system “allows for immediate settlement among partner central banks.” […]
— Read More: headlineusa.com
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