I heard an interview with an econ prof about international trade about 2 months ago & he mentioned in passing that China & Russia were attempting to create a new international monetary vehicle by creating a gold backed currencies. The reason behind this is because the U.S. Dollar is the currency of choice for international trade. The buck can be traded for local currency in any country in the world, either thru legit money changers or on the black market. I had no problem swapping $2k U.S. for local currency in a Central West African country. Exchange yuan & rubles? No way they can be exchanged.
Then after the Panama papers hit the news, in a more recent interview with an investigative journalist involved with the release of some of the Panama papers findings, he bought up the fact that the U.S. monetary currency controllers may be able to seize some of the funds that are in U.S. Dollars if the funds passed thru a U.S. banking entity or any other monetary system over which they have control and that this may help to push the use of the gold backed Chinese & Russians currencies. Easier to hide the movement of money especially funds going in or leaving the U.S. How soon will the use of the new gold back currencies be common? Probably about the same as the bitcoin but who knows.Currencies changes are glacial.