Russia announces creation of new blockchain-based digital currency separate from Western banking system: What does this mean for Americans and Westerners?

Russia, feeling spurned by the West, has decided to create an all new financial infrastructure that's totally independent of Washington, New York, London, Paris, Berlin and Basel.

Russia officially announced on March 4 the creation of a new blockchain-based digital payment system, which will effectively empower the 10-member BRICS nations to use their own currencies, while avoiding the U.S. dollar and Western terminals controlled by the Swift banking system.

Kremlin aide Yury Ushadov told the Russian news agency TASS:

"We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people and businesses, as well as cost-effective and free of politics.”

Free of politics?

Implied in this statement is that use of the U.S. petro dollar involves agreeing to a set of political rules that are set and enforced by the United States. Russia has been burned by that system, slapped with historic economic sanctions since the outbreak of its war with Ukraine, and will no longer parti…