Why China Can't Have a Government Gold Backed Crypto Currency

This is a response podcast to the interview that Max Keiser did on Kitco that has over 70k views already.

First, it is illegal according to Chinese government laws to take gold bullion out of mainland China.

Second, China has an enormous credit bubble and going onto a gold backed crypto currency would remove all flexibility for the PBOC to do bailouts on the bad RMB debt.

China crashing the US Dollar would also be dangerous for them as China is still a predominant export economy and the US is one of China’s 2 largest customers for most industries.

Articles onChina’s Emerging Fake Gold Bars Scandals Inside Mainland China:
1) In Depth: How $2.7 Billion of Fake Gold Tarnished Local Lending
https://www.caixinglobal.com/2019-10-21/in-depth-how-27-billion-of-fake-gold-tarnished-local-lending-101473400.html
2) New Influx of Fake Gold Bullion Unsettling Investors Around the World https://coinweek.com/bullion-report/new-influx-of-fake-gold-bullion-unsettling-investors-around-the-world/
3) Gold Bullion Vaults Rattled by China’s Forgery Crisis https://www.theepochtimes.com/gold-bullion-vaults-rattled-by-chinas-forgery-crisis_3062660.html
4) Exclusive: Fake-branded bars slip dirty gold into world markets https://www.reuters.com/article/us-gold-swiss-fakes-exclusive/exclusive-fake-branded-bars-slip-dirty-gold-into-world-markets-idUSKCN1VI0DD

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Why China Can't Have a Government Gold Backed Crypto Currency

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