backed digital assets? Bessent says…

Senator Cynthia Lummis (R-Wyo.) wasted no time Thursday asking Treasury Secretary Scott Bessent the big question: Is China using blockchain to create a rival to American financial dominance? Bessent told the Senate Banking Committee he “would not be surprised.” “We don’t know that for sure,” he added. “There are lots of rumors that China may be developing digital assets backed by something other than the RMB, perhaps gold-based. We haven’t seen that.” So, what’s China’s game plan? Apparently, Hong Kong is their “sandbox” — a financial testing ground where they can play with new ideas without getting mainland China too…