Chinese Gold Backed Cryptocurrency

Chinese gold backed cryptocurrency

Um, no.

Max Keiser: China secretly hoarding gold and will unleash crypto backed by metal and destroy USD

Look in ANY dictionary. This one happens to be from dictionary.com but others are similar:

fiat
[fee-aht, -at; fahy-uh t, -at]
noun
an authoritative decree, sanction, or order:
a royal fiat.
synonyms: authorization, directive, ruling, mandate, diktat, ukase.
a fixed form of words containing the word fiat, by which a person in authority gives sanction, or authorization.

Definition of fiat (continued)
an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it:
The king ruled by fiat.
Origin of fiat
1625–35; < Latin: let it be done, 3rd singular present subjunctive of fierī to become

Chinese gold backed cryptocurrency