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Chinese Authorities Recognise Bitcoin as an Investment Tool

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Bitcoin as an Investment Tool

Chinese Authorities Recognise Bitcoin as an Investment Tool

The deputy governor of the People’s Bank of China noted that stablecoins issued by private companies would require even stricter oversight than the main cryptocurrencies.

Bitcoin as an Investment Tool

Deputy Governor of the People’s Bank of China (PBC), Li Bo, said during a speech at the Boao Asia Forum that Bitcoin and other cryptocurrencies should be considered an investment vehicle. This is the first time in the entire existence of cryptocurrencies that the Chinese authorities have recognized their value as an investment tool.

“Crypto assets are an investment option. It is not a currency in itself, but an alternative investment product, ” – says Li Bo.

The deputy governor of the Central Bank of China noted that stablecoins issued by private companies need stricter supervision than Bitcoin. He claims that the Chinese authorities are considering changing the regulation of the digital money market, however, there are currently no plans to lift existing bans on cryptocurrencies soon.

We remind the reader that in September 2017, the Central Bank of China introduced a complete ban on initial offerings of tokens (ICOs). The bank threatened to revoke the licenses of sites that conducted such operations. Today in China, cryptocurrencies are equated to digital goods, which prohibits their use as a payment instrument.

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