Although I tend to align with their political bent, zerohedge is a terrible source. Most of what they report/repeat is rumor that never pans out. If you live life with the attitude of, "my enemies suck and will fall apart on their own, LOL!", then you live in complacency and usually end up losing your fights.
I think that China more-or-less accepts Western mainstream economics, so I doubt they believe that a gold-backed currency could work. They also know that challenging the dollar's dominance in such a direct, explosive way would be an unbelievable escalation which could very well lead to at least some kind of hot war. If they did create a gold-backed cryptocoin, it'd probably be heavily locked-down, probably more like their existing internal payment systems than anything like Bitcoin. (I have heard that the Chinese population has some affinity for gold-as-money.)
It
would be incredibly interesting if China created a gold-backed cryptocoin usable cross-border. It'd probably be a big hit worldwide, and would definitely erode the USD's (and US's) influence. It'd be especially cool if they did it via blinded bearer certificates like I described
here.
This is lazy an uninformed. Also, how do you get complacency and self assurance from the tone of this article? That makes zero sense. Zero Hedge is BY FAR not the only one reporting this, but you would rather attack the source than give the contents a thorough review.
This IS happening, anyone who has been paying attention to the economic trends of China and the world in general should be acutely aware of these developments in not only the accumulation of gold, the goals to issue gold/oil backed yuan, as well as the shift to a state backed crypto. When you actually bother looking into this, be sure to let me know how wrong you were. I don't expect much though, because the shit talking always flows freely, but the corrections always sit in 8pt font on the last page.
