Central Bank of China: Crypto assets such as Bitcoin should be used as investment tools or alternative investments

In the midst of the cryptocurrency market’s bloodbath today, the end of the day good news has emerged. According to information from Wu Blockchain, it seems that China has taken a less strict view of cryptocurrencies. Specifically, the deputy governor of the Central Bank of China argued that digital assets such as Bitcoin should be used as an investment instrument or as alternative investments.

China recognizes Bitcoin value for the first time as an investment

Li Bo, deputy governor of the Central Bank of China, said:

“Crypto-assets such as Bitcoin should be used as investment tools or alternative investments.”

According to Bo, crypto assets are an investment option. They are not in themselves a currency, but an alternative investment product. And now, China is working on regulatory policies.

As such, this is the first time the Chinese government has recognized the asset value of cryptocurrencies after a long time of taking a hard look at them.

Besides, Libo also said that for stablecoins issued by private companies, there is a need for stricter scrutiny compared to Bitcoin.

China has long recognized the status of Bitcoin as a virtual commodity but has banned any ICO and exchange, the whole policy remains relatively ambiguous.

Li Bo said:

“Before we figure out what regulatory rules are needed, we will continue to maintain the current measures.”

However, former China central bank chairman Zhou Xiaochuan also stated at the Boao Forum that digital assets must serve the real economy, implying opposition to cryptocurrencies and thinking they have nothing to do with it. to the real economy.

You can see the BTC price here.

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