Scott Bessent ‘Would Not Be Surprised’ If China Was Building Digital Assets Backed By Gold
Posted On February 5, 2026
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, saying, “We don’t know that for sure. There are lots of rumors that China may be developing digital assets backed by something other than the RMB, perhaps gold-based. We haven’t seen that.”
He added a caveat: “But they have a very large sandbox in Hong Kong. And …
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