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Bessent Says China May Be Developing Gold-Backed Digital Assets
Treasury Secretary Scott Bessent warned China may use Hong Kong's sandbox to develop gold-backed digital assets to rival the dollar's reserve currency role.
- Recently, U.S. Treasury Secretary Scott Bessent told the Senate Banking Committee he `would not be surprised` if China builds digital assets backed by gold using Hong Kong's large sandbox to test them.
- Amid those trials, the Hong Kong Monetary Authority is studying global mechanisms, enabling China to experiment with digital assets while maintaining plausible deniability.
- Using colorful language, Bessent described the moment as `the rats are leaving the ship,` as he said the Hong Kong Monetary Authority is `actively traveling the world looking at different mechanisms.`
- Senator Cynthia Lummis asked whether China is building an alternative to U.S. financial dominance, and Bessent urged passage of the Clarity Act despite crypto tax complexity.
- A gold-backed digital asset would challenge the dollar's reserve role by offering a stable store of value outside U.S. policy, with Hong Kong's sandbox enabling testing while maintaining plausible deniability, Bessent warned.
16 Articles
16 Articles
Treasury Chief Flags Hong Kong As China’s Gateway To Digital Assets
The U.S. Treasury Secretary Scott Bessent warned lawmakers that China could be exploring ways to challenge America’s dominance in digital assets, using Hong Kong as a testing ground. Testifying before the Senate Banking Committee, Bessent said he would not be surprised if Beijing is already experimenting with digital assets, possibly backed by commodities such as gold, though no confirmation exists.Bessent pointed to Hong Kong’s expanding regula…
Digital Currency Rivalry: U.S. Concerns Over China's Asset Moves
U.S. Treasury Secretary, Scott Bessent, expressed concerns about China potentially developing digital assets backed by something other than its own currency to challenge U.S. financial dominance. Bessent indicated no confirmed evidence but highlighted China's experimental efforts in Hong Kong as a potential threat to U.S. financial leadership.
U.S. Treasury's Bessent: There are lots of rumors of China developing digital assets backed by something other than than RMB
U.S. Treasury's Bessent: There are lots of rumors of China developing digital assets backed by something other than than RMB ... -February 05, 2026 at 11:15 am EST MarketScreener
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