It would be interesting to see how the Chinese envision an international currency. Essentially fiat currencies regard tax payers as asset-backed securities, and

It would be interesting to see how the Chinese envision an international currency. Essentially fiat currencies regard tax payers as asset-backed securities, and create value by issuing government backed bonds. With no tax payers and no central body (or a joint venture with unconstructive bickering) you'd run into some fundamental issues. You could: 1) peg existing currencies to it (good luck getting buy in) 2) peg the currency to physical goods (gold, oil, etc). Fiat currencies have distinct advantages which make it optimal for modern trade. 3) use treaties to regulate government sovereign bonds with the global currency