I don’t know as much about Saudi kingdom, because my associates, i and many others see Dubai as the place to base business, make investments, trade and store metal, et cetera.
It’s the next Singapore, because particularly the Emir of Dubai and his sons - among UAE emirs - are creating the most reasonable business environment in Asia, in our opinion.
It’s a monarchy, but a relatively enlightened and honourable one, compared to the CCP empire of China.
Not every visitor to the Emirates visits every place there, but almost every visitor passes through the Dubai airports. And it’s a rather impressive gateway and face of the Emirates.
Nothing significant happens in such a business in an absolute monarchy on local discretion, especially regarding money.
If CNY and China trade connection portended some special new PBoC product credibility, CNY would be a payment option there, as paper USD is. I can use Chinese UnionPay there, but that’s completely fake, digital nonsense, like all digital fiat.
On opposite end of Asia, more companies are moving from China just over the border to neighbouring Vietnam, and other SEA territories.
If you come to Vietnam as a foreigner who needs a visa in advance, when they issue it at the airport, the only fiat accepted as payment is USD!
The owners of that totalitarian, socialist territory, don’t even accept their own currency for that, much less of the neighbouring China!
Clearly, Western sanctions and even stealing Russian assets have been completely ineffective in reaching their goals. That has been obvious everywhere except Warshington and Brussels , since sanctions on Cuba and Iran began.
Therefore, any new statements about being open to hedging through other fiat seems just the latest BRICS currency hot air tiger and posturing.
Most governments and major institutions have been willing to hold long duration bonds with negative real yields since years ago.
So, predictions of substantial global sovereign bond demise in favour of gold, much less Bitcoin, also seems overly optimistic.
Regarding Bitcoin, PBoC practically admitted that their fiat is still uncompetitive, untrustworthy , digital, domestic rubbish, unfit for global trade, when they effectively banned Bitcoin years ago.
If gold holdings mattered in their fiat credibility and trade use, there was no reason to do that.
Even the Americans, who stand to lose the most power and credibility from Bitcoin, and likely have insufficient gold since 1971, have yet to ban Bitcoin!
