Is China looking to launch Gold-Backed crypto? Max Keiser thinks so

By Palak Malhotra
Published August 30, 2021 Updated August 30, 2021
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Is China looking to launch Gold-Backed crypto? Max Keiser thinks so

By Palak Malhotra
Published August 30, 2021 Updated August 30, 2021

The speculation around China’s Digital Gold-Backed currency is gaining considerable popularity. It is being speculated that China could launch gold-backed digital currency next year at the Winter Olympics that are being hosted in Beijing.

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Avid Bitcoin advocate, Max Keiser retweeted a publications’ post reinstating his stance about the launch. He shared his former claim, that China may issue a gold-backed cryptocurrency at the Daniela Cambone show in 2019.

Last year, China’s CGTN published an infomercial, introducing the Digital Renminbi. In the latest report, King World News has speculated on the imagery used in the infomercial, highlighting the gold used to fill in the digital coin graphic. This image in turn has become the center of speculations for  China’s upcoming launch of Digital currency underpinned by gold.

With China’s digital gold predictions, experts also claim an inevitable decline of the US Dollar, while China becomes the leader with its advanced monetary policies supported by Gold.

Gold-Backed Crypto could eliminate decentralized systems from China

Amid the expanding Chinese crypto crackdown, gold-backed digital currency fits China’s narrative like a glove. It could potentially replace the use of crypto from the nation once and for all. This month itself, the Central Bank reinstated its stance on cryptocurrencies, arguing that they hold no real value. The People’s Bank of China stated that digital currencies, such as Bitcoin do not and will not hold a legal tender status in the nation.

The authorities highlighted that any crypto transactions are merely an element of “pure hype”. Furthermore, they alerted the public to raise risk awareness, and consciously stay away from crypto to avoid financial insecurity.

“We remind the people once again that virtual currencies such as Bitcoin are not legal tenders and have no actual value support.”, said Yin Youping, the Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China.

Youping stated that the authorities plan on actively pursue the online nationwide crypto crackdown. Furthermore, the Chinese Central Bank will focus on setting up a normalized working mechanism, along with high-pressure situations for the decentralized systems in the nation. The Deputy Director also requested the public to promptly report if they come across any clues concerning illegal fund-raising.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
222 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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