Mahathir's gold-backed currency -- loose talk or pan-Asian plan?


By Ronan Manly, Singapore
Friday, June 28, 2019

While the nonstop flows of physical gold into countries such as China and India are a constant reminder to the world of the importance of gold to Asian societies, gold got a high-profile endorsement of another kind in Asia recently when Malaysia’s minister Dr. Mahathir bin Mohamad proposed a gold-backed regional currency for Asia.

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Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

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In front of Asia's leaders and media in Tokyo May 30 at the aptly named "International Conference on the Future of Asia," whose theme was "Seeking a New Global Order -- Overcoming the Chaos," Mahathir opened the conference with a keynote speech and dialogue session. He lost no time in criticising the dangers of a U.S.-dominated unipolar world and the instability of the world's reserve currency, the fiat U.S. dollar.

It was in this context that Mahathir suggested a gold-based currency that could be used for international trade and investment between Asian economies and that would serve as an alternative to dependence on the U.S. dollar. ...

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