What does it mean that digital currency cannot exchange gold and foreign exchange (digital currency cannot exchange gold)?

What does it mean that digital currency cannot exchange gold and foreign exchange? In Chinese, it means that it cannot be traded through exchanges. Because cryptocurrencies like Bitcoin are not legal tender and are not controlled by any central authority, they are prohibited from being used as a fiat currency.

In addition, in English, “digital currency cannot exchange gold or foreign exchange” means that it will not be used for other purposes unless there are strict restrictions. For example, when you have enough cash to purchase Bitcoin, you can use Bitcoin to pay for your wages, goods and services, and the price of precious metals. (China Business News)

Digital currency cannot exchange gold

According to the “China Finance” white paper issued by the People’s Bank of China, digital currency is not legal tender and cannot exchange for gold. Because digital currency cannot be used for payment, there are no legal protection measures in place domestically, so no unit or individual can engage in transactions or other related activities using digital RMB, nor can it provide security for their assets. At the same time, the central bank states, “At present, China’s digital RMB is still in the early stage of development, and we hope to provide more guidance to everyone.” (The Paper)