China Gold Backed Cryptocurrency

Its value would be backed. Number one Chinas got 20000 tonnes of gold number two were rolling out a crypto coin backed by gold and the dollar is toast Keiser told Kitco News.

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Its a two-pronged announcement.

China gold backed cryptocurrency

. By launching a gold-backed crypto currency that will devalue the US. Russia and China lead the world in buyers of gold in what has been called the new international gold rush. Schiff also thinks that a gold-backed cryptocurrency developed by China would be bad for Bitcoin and other crypto tokens that are not supported by gold.

As things stand there is no fiat currency on earth fully backed by gold. When China announces as a surprise its 20000 tons of gold and a gold-backed cryptocurrency that will kill the US dollar deader than a doornail it will be a Pearl Harbor-type event and its coming in the next six to nine months he predicts. The Chinese government is setting the pace in the development of the first national di.

He added that a second bombshell will be that China is about to launch a gold-backed cryptocurrency with the intention of destroying the greenback. China and Russia are looking for a monetary reset. China is known for recently purchasing large amounts of gold to back its fiat currency Yuan.

Schiffs opinion is that some form of backing for digital currencies is better than none at all. Chinese citizens are only allowed to. This revolutionary cryptocurrency could become the worlds first Central Bank Digital Currency CBDC as it is issued by state bank Peoples Bank of China.

A cryptocurrency fully backed by gold would turn the masses away from the dollar as would a fiat currency backed by gold would too. Chinas national digital currency DCEP D igital C urrency E lectronic P ayment DCEP will be built with Blockchain and Cryptographic technology. It just lives in a digital wallet on a smartphone rather than a physical wallet.

Like many other pundits Keiser says that China has a lot more gold than it lets on amounting to 20000 tons. For more stories on economy finance visit RTs business section. I can tell you that the cryptocurrency that Chinas rolling out will be backed by gold.

One of the hottest topics in cryptocurrencies is the prospect of major economies launching state-backed digital coins. Since China is the worlds top buyer of gold and has been storing up gold in its bank reserves it wouldnt be surprising if this new cryptocurrency is also backed by gold. Therefore he sees the potential in a Chinese cryptocurrency and its impact on the gold.

China is reportedly planning to launch its own state-backed cryptocurrency Getty Images Getty Few details about Chinas cryptocurrency have been revealed though the new system could. It is yet unclear whether the currency will be backed by any physical assets. Gold and bitcoin prices will continue to surge as the dollar collapses to zero like every piece of garbage fiat before it.

Since 2014 China has been planning and developing a digital currency. Chinas central bank recently. Chinas digital cash is designed to be an electronic version of a banknote or a coin.

Chandler Guo at one of his cryptocurrency mines Chandler Guo was a pioneer in cryptocurrency the digital currencies that can be created and. Max Keiser in an RT show suggested that the new Chinese digital currency could be backed by gold. This comes at a time when there is speculation abound about the two countries potentially releasing a gold-backed digital currency.

Chinas big move for the 21st century is to pull a trap door on the US. Keiser added that bitcoin is a superior form of currency to gold. He added that China is about to announce that it has amassed as much as 20000 tons of gold.

I can tell you that the cryptocurrency that Chinas rolling out will be backed by gold. His theory was that the PBoC would declare that it. Chinas cryptocurrency is believed to be a digital version of its fiat currency the yuan.

Gold-Backed Cryptocurrencies You Can Invest In Already there are several companies offering gold-based cryptocurrencies to buyers. Over 50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year according to a report by Chainalysis.

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