{"id":21426,"date":"2026-02-05T22:38:23","date_gmt":"2026-02-05T22:38:23","guid":{"rendered":"https:\/\/bitunikey.com\/news\/is-china-building-gold-backed-digital-assets-treasury-secretary-thinks-its-possible\/"},"modified":"2026-02-05T22:38:28","modified_gmt":"2026-02-05T22:38:28","slug":"is-china-building-gold-backed-digital-assets-treasury-secretary-thinks-its-possible","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/is-china-building-gold-backed-digital-assets-treasury-secretary-thinks-its-possible\/","title":{"rendered":"Is China building gold-backed digital assets? Treasury Secretary thinks it\u2019s possible"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Senator Cynthia Lummis (R-Wyo.) wasted no time Thursday asking Treasury Secretary Scott Bessent the big question: Is China using blockchain to create a rival to American financial dominance?<\/p>\n<p>Bessent <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.scmp.com\/news\/us\/article\/3342569\/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong\" target=\"_blank\" rel=\"nofollow\">told<\/a> the Senate Banking Committee he \u201cwould not be surprised.\u201d<\/p>\n<div id=\"cn-block-summary-block_6e3e426b281f910dc7cd0f70cff63bc1\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Bessent hints at gold-backed digital assets from China, but it\u2019s unconfirmed.<\/li>\n<li>Hong Kong\u2019s sandbox role allows China to explore new financial technologies, like a gold-backed digital asset, without directly involving mainland authorities.<\/li>\n<li>Why does it matter? It could potentially be a stable alternative to the dollar.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>\u201cWe don\u2019t know that for sure,\u201d he added. \u201cThere are lots of rumors that China may be developing digital assets backed by something other than the RMB, perhaps gold-based. We haven\u2019t seen that.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Treasury Secretary Scott Bessent addresses rumors that China is building digital assets to challenge the American financial system: <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/WsqyBjt77A\">pic.twitter.com\/WsqyBjt77A<\/a><\/p>\n<p>\u2014 CoinDesk (@CoinDesk) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/CoinDesk\/status\/2019450481962099187?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 5, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h3 class=\"wp-block-heading\">So, what\u2019s China\u2019s game plan? <\/h3>\n<p>Apparently, Hong Kong is their \u201csandbox\u201d \u2014 a financial testing ground where they can play with new ideas without getting mainland China too involved. <\/p>\n<p>That means they can cook up gold-backed digital assets while keeping it on the down-low. A gold-backed asset could provide a stable store of value, which would directly challenge the dollar\u2019s reserve currency status \u2014 especially since it wouldn\u2019t be subject to U.S. monetary policy or sanctions. <\/p>\n<p>Meanwhile, China\u2019s digital yuan is still all about the RMB, so it\u2019s not quite as rebellious.<\/p>\n<h3 class=\"wp-block-heading\">Bessent didn\u2019t stop there<\/h3>\n<p>When it came to Iran, he dropped this gem: Iranian leaders are moving money out \u201clike crazy,\u201d signaling \u201cthe end may be near\u201d for the current regime. In a moment of unexpected drama, he likened it to \u201cthe rats leaving the ship.\u201d If that\u2019s not a metaphor for the ages, I don\u2019t know what is.<\/p>\n<p>And in a final mic-drop moment, Bessent stressed the importance of passing the Clarity Act, acknowledging that applying capital gains tax on cryptocurrency is a complex mess. The complexity of crypto taxes? It\u2019s no surprise there.<\/p>\n<p>In conclusion, the world of digital assets, gold-backed currencies, and escaping rats has never been more thrilling. Stay tuned for the next episode of \u201cChina\u2019s Sandbox Adventures.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Senator Cynthia Lummis (R-Wyo.) wasted no time Thursday asking Treasury Secretary Scott Bessent the big question: Is China using blockchain to create a rival to American financial dominance? Bessent told&hellip;<\/p>\n","protected":false},"author":1,"featured_media":21427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=21426"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21426\/revisions"}],"predecessor-version":[{"id":21428,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/21426\/revisions\/21428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/21427"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=21426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=21426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=21426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}