One Southeast Asia country has already established a template for a cross-border blockchain currency backed by allocated gold and silver: Indonesia.
The design of Libra is a threat to national sovereignty. If Libra becomes widely used then it will replace the dollar and all its derivatives, i.e. every other fiat currency in the world. Do we really want to grant such power to Facebook? Who at Facebook/Libra will determine monetary policy for each nation or region of the world? By allowing citizens to opt-out of debt-based currency when interest and exchange rates are out of wack, a cross-border blockchain precious metal system allows the common person to refuse to lend their wealth to banks at low rates while inflation burns their wealth. Asians in particular and the entire world in general has a long tradition of recognizing that only gold and silver are money and everything else is credit. Blockchain-based precious metal systems will bring much-needed stability and fairness back to the international monetary system.
Indonesia passed a law making digital gold legal tender and entered into an arrangement for the largest banking system in the country, the postal system banking system, to offer a digital gold and silver system to its clients. Also, the largest Muslim lay association in Indonesia will be using the system to aid its members to lay away funds towards a Haj.
The name of this worldwide monetary ecosystem is Kinesis money. The values in the system are back by gold held in vaults managed by ABX. The system simplifies exchanging national currencies for gold, silver, and major cryptocurrencies. Debit cards tied to the account are also available worldwide. Until a new ABX facility completes construction in Indonesia, the holdings tied to Indonesian citizens will be vaulted in Singapore. Other countries can duplicate such bold monetary reform. Many current Kinesis account holders do not live in countries that recognize digital gold as currency as Indonesia does, but still, find it the most efficient way to hold precious metal both in terms of yield and liquidity. Where else does there exist such a comprehensive system backed by major entities which make precious metal so liquid AND not only has $0.00 storage cost but indeed even shares its super competitive small processing fees back to its participants? There are other blockchain metal-based systems, but I would argue that none have the reach, adoption, or momentum that Kinesis has.
There are numerous YouTube videos available that explain the Kinesis monetary “eco-system” in detail.