US EditionBessent 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.
15 Articles
15 Articles
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
Scott Bessent 'Would Not Be Surprised' If China Was Building Digital Assets Backed By Gold
Treasury Secretary Scott Bessent told the Senate Banking Committee he “would not be surprised” if China was building digital assets potentially backed by gold rather than the yuan, given China’s large sandbox in Hong Kong. The Gold-Backed Digital Asset Rumors Senator Cynthia Lummis (R-Wyo.) asked Bessent directly whether China is using digital assets and blockchain to build an alternative to American financial dominance. Bessent responded, sayin…
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