MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Gold backed Chinese cryptocurrency

Gold backed Chinese cryptocurrency

Financial commentator Max Keiser predicts that the US dollar is in perilous waters due to Chinese gold backed Cryptocurrency called DCEP. China has recently been on a gold buying spree that has surpassed 100 tons.  Keiser, in his recent appearance on Kitco reported “China is rolling out a cryptocurrency; a lot of details have not been divulged. I can tell you that the cryptocurrency that China is rolling out will be backed by gold. It is a two pronged announcement. Number one is that China has got 20,000 tonnes of gold and number two is that we’re rolling out a crypto coin backed by gold, and the dollar is toast.”

The People’s Bank of China is the first central bank to roll out its own digital currency and has been working on it for about six years now. Very little is known about the ‘China Coin’ and the news has been on the rumour mill for a while now.

When asked about his prediction, Keiser commented that the Bitcoin could go for ten million against the dollar. “I think it is just a matter of timing. So, the forecast is still $100,000+. But let’s be honest – in dollar terms, its infinity. It could go to five million against the dollar.”

Chengpeng Zhao, CEO of Binance recently forecasted that the Bitcoin price could touch sixteen thousand dollars soon, strengthening the Chinese narrative.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED