TokyoTokyo Mon - Fri 10:00-18:00 +81 (366) 701-751
info@mountequitygroup.com

Russia, China may be preparing new gold-backed currency, but expert assures US dollar ‘safest’ currency today

Mount Equity Group Tokyo Japan > News > Markets > Russia, China may be preparing new gold-backed currency, but expert assures US dollar ‘safest’ currency today

Bitcoin Foundation Chairman Brock Pierce discusses the cryptocurrency market, its influence on politics, and provides an outlook of the market on ‘Cavuto: Coast to Coast.’

China and Russia may be working toward a new gold-backed currency in a move that would aim to dethrone the dollar as the primary reserve currency of the world, but any such currency would unlikely achieve that goal. 

“The USD remains the safest, most convenient and most widely used currency in Asia and in the world today,” Min-Hua Chiang, a research fellow and economist at the Heritage Foundation’s Asian Studies Center, told FOX Business. “No other currency (backed by gold or otherwise) is comparable, and that is unlikely to change in the near future.”

Neither country has officially confirmed plans for such a currency, but China earlier this year started to buy up huge quantities of gold at the same time that Russia was forced off the dollar due to…

Read more…