The growing acceptance and clear confidence that has generated the creation and use of cryptocurrencies has driven large oil producing nations to get rid of the dollar in the purchase / sale of oil, such as China and Russia. with huge reserves of gold. At present, China is making efforts to convert the yuan into a competitor of the dollar internationally, in the oil market, and as a world reserve. So China through the petroyuán will have the backing of gold to buy oil. Russia, in turn, promotes the cryptoruble, backed by gold, to evade the sanctions that have been imposed from Washington.
According to experts, the sale of oil in dollars will continue to decrease, focusing on gold reserves; the power and wealth of the American elites vanishing. In this way, the strategies developed by Russia and China prevail using cryptocurrencies in the configuration of a new international financial order to end the hegemony of the dollar.
It should be noted that, in Venezuela, a national digital currency called Petro has been created since December 2017, which would be similar to Bitcoin but backed by oil and natural resources such as gold, gas and diamond, which will contribute to obtaining new forms of financing. international for the economic and social development of the country; as well as, it helps to eliminate the financial blockade currently exercised by the E.E.U.U against Venezuela, contributing to progress in terms of monetary sovereignty. It should be considered then that, in this new 21st century, new financial strategies will be opened through the use of cryptocurrencies that go some way to mitigate the effects of domination that exist at present.
In the same vein, financial analysts agree that the unlimited printing of dollars has distorted the world economy, inflated the stock markets and led to an uncontrolled growth of national debts, without forgetting the current budget deficit in the US coupled with this , China signed its future oil purchase contracts in yuan with the option of converting them into gold, without taking into account the dollar. Russia, Venezuela and China are creating a suitable environment to be able to continue the oil trade in case the US currency collapses.
In turn, cryptocurrencies have become a refuge to take refuge from centralized financial regulators and central banks, becoming an anonymous, decentralized and technologically reliable system, which will lead to the dollar ceasing to be the currency of international use and it is displaced by the crypto-medallions that generate greater confidence and versatility in its use, with the advantage of being decentralized, which favors that no empire controls the commercial and economic operations that are carried out through them.