That is incorrect. The Bank of International Settlement definitely uses gold for payment. In rare events, a country will do physical settlement via shipping,

That is incorrect. The Bank of International Settlement definitely uses gold for payment. In rare events, a country will do physical settlement via shipping, but it is usually done via paper claims. https://www.bis.org/banking/balsheet/statofacc200831.pdf https://www.bis.org/banking/balsheet/statofacc200831.pdf