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China and the Russian Federation can launch a joint cryptocurrency, the network of interbank settlements Quorum. Bitcoin volatility at three-month highs.
According to the former EU Minister for Portugal Bruno Masas, Russia and the PRC are preparing to create a common cryptocurrency. It is for this purpose that countries actively buy gold on world markets. This asset will be used both in trade between these countries and to attract new investments. The official made such a conclusion on the basis of data on a serious increase in purchases of gold in Russia and China.
Now the Russian Federation has become the largest buyer of gold in the world, and its reserves of this asset have increased 4 times over 10 years. The Central Bank buys almost all the volumes of precious metal mined in the country. Only about 5% of the total asset received by prospectors is exported. Although officials of the Russian Federation reject the idea of launching cryptocurrencies linked to gold, the very idea of creating a transnational token seems quite feasible.
201 banks have already joined the Quorum system. This interbank settlement network on the blockchain began to be created in 2017. It allows you to completely change the technology of settlements between credit institutions, to make it more transparent and secure. If under the previous schemes, payments were made directly between the two banks, now all members of the community have information about capital movements. However, if necessary, this information is stored in encrypted form.
The founders of the interbank information network were JPMorgan Chase, the Australian ANZ and the Royal Bank of Canada. At the moment, it was joined by credit institutions from around the world. Including Indian and even Islamic banks. The system is based on Ethereum's virtual machine, which fully provides the necessary speed of payment.
Since the beginning of April, the volatility of the most famous cryptocurrency has tripled. At the end of March this indicator was at the level of 1.26% per day, now it has risen to 3.54%. These are the most significant fluctuations recorded since the beginning of this year.
The reason was the rapid growth of the asset price, and the manifestation of the interest of a large mass of investors. The process was launched by a one-time purchase of 20,000 bitcoins, which led to a price increase from 4 to 5 thousand dollars. Now the chart has reached a critical resistance level of $ 5,400. According to a number of experts, his break through will open the price path for movement up to $ 6000 and above. The market has a clear bullish attitude, and the achievement of new yearly highs is only a matter of time.