Chinese Crypto Backed By Gold

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 big move for the 21st century is to pull a trap door on the US.

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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.

Chinese crypto backed by gold

. Chinas prime minister announced just today that unofficial cryptocurrencies still remain illegal in China and only official coins can be. 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. China is known for recently purchasing large amounts of gold to back its fiat currency Yuan.

As things stand there is no fiat currency on earth fully backed by gold. Its a two-pronged announcement. It is not a 3rd party stable coin such as Tethers cryptocurrency token CNHT which is also pegged to the RMB in a 11 ratio.

Chinas cryptocurrency is believed to be a digital version of its fiat currency the yuan. These contracts were priced in yuan but convertible to gold raising the prospect that the rise of the petroyuan could be the death blow for the dollar. China has officially adopted a cryptocurrency as a government-backed currency.

Recent evidence shows the Chinese government is getting ready to launch the first Central Bank Digital Currency backed on gold threatening to put an end to the dollars reign as the worlds reserve currency and triggering a global banking crisis during that process. If China does launch a gold-backed cryptocurrency it could be the end of the world as we know it for the current global reserve currency which is getting devalued by the day. The things he says about bitcoin are completely misinformed.

China will take over the global economy with its gold-backed cryptocurrency. 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. China and Russia are looking for a monetary reset.

Peter Schiff PeterSchiff November 1 2019 China revealing to the world its actual gold reserves is a matter of when and not if and this could be within the next 6 to 9 months. Chinese citizens are only allowed to. This comes at a time when there is speculation abound about the two countries potentially releasing a gold-backed digital currency.

A crypto backed by gold is much better than one backed by nothing. Both countries have significantly increased their gold reserves in the past few years with the trend only intensifying in 2019. Brad Sherman has obviously had a lobotomy.

DCEP is the only legal digital currency in China cryptocurrencies such as Bitcoin are not legal tender in China. His theory was that the PBoC would declare that it. Therefore he sees the potential in a Chinese cryptocurrency and its impact on the gold.

Two weeks ago The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 590 in the fourth quarter according to the. Digix the first company to tokenize physical assets on Ethereum has announced the listing of Digixs gold-backed token DGX on Chinese cryptocurrency exchange Hotbit. DCEP is a currency created and sanctioned by the Chinese Government.

Schiffs opinion is that some form of backing for digital currencies is better than none at all. The listing allows for Chinese retail investors to diversify their portfolio with digital gold. Like many other pundits Keiser says that China has a lot more gold than it lets on amounting to 20000 tons.

Max Keiser in an RT show suggested that the new Chinese digital currency could be backed by gold. It is yet unclear whether the currency will be backed by any physical assets. 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.

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. In 2018 the Chinese launched a gold-backed yuan-denominated oil futures contract.

By launching a gold-backed crypto currency that will devalue the US. Its now backed by local banks giving the currency stability and security unlike the more volatile currencies in operation today. Keiser added that bitcoin is a superior form of currency to gold.

I can tell you that the cryptocurrency that Chinas rolling out will be backed by gold.

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