Maybe they're getting ready for this?"BRICS: 90% of Oil Sales Could No Longer Settle in Us Dollars"
BRICS: 90% of Oil Sales Could No Longer Settle in Us Dollars
The upcoming BRICS summit is likely to feature expansion, which could lead to 90% of oil sales no longer being settled in the US Dollarwatcher.guru
China moved ahead in the race to modernize global monetary flows with a new platform to expand the reach of the digital yuan and other currencies, threatening the dollar-dominated system.
The mBridge project, based on blockchain, is a Beijing-driven digital prototype that makes it possible to send money around the world without using traditional dollar-dependent channels.
According to Bloomberg, mBridge aims to create a possible avenue to boost the internationalization of the yuan by developing the large-scale use of blockchain technology for international payments. In other words, it aims to enable large transfers and foreign exchange transactions directly between participating commercial banks after they have exchanged cash for the tokenized currency at their central bank.
By employing distributed ledger technology - similar to the basis on which Bitcoin operates - such transactions could occur almost instantaneously, at any time or day of the week.
The media outlet notes that some senior US and European officials expressed concern about the implications of the project, as it could leave China at an advantage in the use of digital currencies to revolutionize international payments, potentially allowing the evasion of sanctions, taxes and anti-money laundering regulations. In addition, it is noted that mBridge could facilitate the use of the Chinese yuan as an alternative to the dollar.
The project report indicates that trade finance is one of the largest anticipated uses, with the flow of goods and services between participants worth some $564 billion.
'Or maybe they are preparing for ''limited de-dollarization'' which is step closer to de-dollarization.'Maybe they're getting ready for this?
Chinese blockchain-based project could revolutionize global flows and 'kill' the dollar
Similar USA project cancellation:Beijing’s military scientists have claimed success in enabling high-energy lasers to operate “indefinitely” without overheating.
Problem:Some of the most high-profile US laser weapons projects have been canceled, despite shooting down targets in testing. “The true reason for the cancellation of these projects was that their destructive power did not meet expectations,” the Chinese scientists said. Longer, continuous operation times are needed to extend the range of laser weapons beyond a few kilometers, they said.
Chinese solution:Such weapons generate high-energy beams that heat up the gas in their path as they pass through the air, creating turbulence. This effect can distort the beam, diminishing its accuracy and strength. The heated gases can also contaminate the mirrors in a laser weapon, reducing performance and potentially damaging a system.
Beijing reportedly intends to use such weapons against drones, missiles and aircraft. They also could be used to target satellites, disrupting enemy communications, navigation and surveillance capabilities.The Chinese researchers said they developed a system that blows gas through the weapon to remove waste heat and keep the mirrors clear. Their technology is already being used in a number of laser weapons that the Chinese military has under development.
I read an article yesterday from someone called Paulo Nogeira Batista for a Portuguese site called RED.