The Chinese and the Russians have recently launched the BRICS bank. They want to distance themselves from the petro dollar and base their currencies in hard gold backed currencies. Putin has often said that even though the ruble is weak against the dollar it is backed by the gold they have in their coffers. the Chinese have been shipping gold out of Africa and into China by the ton. the Indians recently paid millions of dollars worth of gold for oil from Iran. I think it''s not in the interest of BRICS or their plan to have competetion from another currency which they can not control.
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Interesting point but it should be a free system not one anywhere where the gooberments of the world control them. We've had enough of that shit. I like tangible but not controllable. The CPU coins may have value out of belief but nothing else similar to paper but atleast they are free in their own right. I digress.
matdaniels , you nailed it bud I fully believe china is banning bit coin to protect their gold backed currency , what they should do is create a yuan backed crypto .