Even when people are allowed to participate, they have to contend with account closings, financial censorship, balance seizures, and even wholesale debasement of the currency.
It is simple to explain the success of cryptocurrencies as it removes government involvement from the equation.
When the US and the EU seized the Russian dollar and euro foreign reserve holdings in 2022, it triggered the end game not just for these currencies, but for all fiat currencies.
Settlement in national currencies is a temporary stopgap alternative to using the dollar or the euro as it does not solve the problem fundamentally. It merely removes two of the ruling mafias from the equation while still leaving the other ones in place.https://watcher.guru/news/medvedev-and- ... ation-loom
== Russian government ==
Medvedev:
“Digital money is the future, because it is impossible to control them from a single center of issuance.”
Lavrov:
“Everybody wants to create alternative payment mechanisms, interbank settlements with the use of national currencies.”
It is not just the dollar but the entire fiat banking system that will come crashing down. Separation of money and state will become an incontrovertible fact. We simply do not trust the ruling mafia with our money.Medvedev warns of serious trouble ahead for the US dollar collapse. “This bubble will burst sooner or later.