US Treasury Secretary Scott Bessent said he โwould not be surprisedโ if China is already looking into ways to challenge the USโ pre-eminence in digital assets, given Hong Kong’s efforts to develop the industry.
When testifying before the Senate Banking Committee on Thursday, Bessent said that there are โlots of rumours of Chinese digital assetsโ possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims.
โWe donโt know that for sure,โ Bessent said, answering Wyoming Senator Cynthia Lummisโ question about whether China is trying to use digital assets and blockchain to โbuild an alternative to American financial leadershipโ.
โThey have a very large sandbox in Hong Kong, and the [Hong Kong Monetary Authority] is actively travelling the world, looking at different mechanisms,โ Bessent said. โSo I would not be surprised.โ
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China accuses extradited tycoon Chen Zhi of running transnational crime syndicate
China accuses extradited tycoon Chen Zhi of running transnational crime syndicate