Scenario: Monday: China buys 100 billion Yuan of oil from Saudi Arabia.
Tuesday; China prints 100 billion more Yuan.
Oops!
The only countries that the World mistrusts more than the U.S. … is everybody else.
No, they have terminal credibility issues when it comes to how they handle things, and its real hard to support something like that when you have no laws protecting foreign investors.
Netflix's The China Hustle was a great documentary providing visibility on these issues. A world currency is a foreign investment in any country that accepts and denominates in that currency.
Trade will work on verifiable assets in the future. If Bircoin picks up even a small percentage of foreign exchange it will be worth orders of magnitude more than it is now. A block chain with international trust is a valuable invention.