China’s Cryptocurrency Will Be Backed by Gold

According to financial commentator Max Keiser, the US is in danger of falling through a “trap door” that is set by China, whose gold-buying spree recently surpassed 100 tons.      

In such a metaphoric way, Keiser dropped a bombshell that China’s much-talked-about cryptocurrency is going to be pegged to gold during his most recent appearance on Kitco.     

“[China] is rolling out a cryptocurrency, a lot of the details have not been divulged. I can tell you that the cryptocurrency that China’s rolling out will be backed by gold. It’s a two-pronged announcement. Number one, China’s got 20,000 tonnes of gold, number two, we’re rolling out a crypto coin backed by gold, and the dollar is toast.”      

China’s crypto push

As reported by U.Today, the People’s Bank of China plans is set to become the first central bank to roll out its own digital currency called “DCEP” after working on the…