Talks that China is trying to develop the first national digital currency have been there for a long time. However, its DCEP (Digital Currency Electronic Payment system) has acquired a real shape in the eyes of the public only recently. It appears a lot of details of this project will have to be clarified, though.

For example, Max Keiser, one of the most famous crypto personalities and a great supporter of these currencies said that the so-called “China Coin” might be backed by gold. How he reached this opinion is not known but not many facts support his theory. One of them could be that China has bought over 100 tons of this precious metal in the past few months. Max Kaiser thinks such a move could help China in the currency war against the US dollar significantly.

However, Max Kaiser is unlikely to have more facts to support his claims. Nevertheless, well-known crypto critic and major supporter of gold, Peter Schiff, immediately jumped to his opinion. The Euro Pacific Capital CEO said that “China Coin” backed by gold would be good news for gold but bad news for Bitcoin.

Despite the statements of Max Keiser and Peter Schiff, backing “China Coin” with gold is very unlikely as of now. A lot of talks have been going on about backing it with the Chinese yuan which definitely makes more sense at a first look. The final decision, however, is up to China itself, so all such opinions can be viewed only as guesses so far.