The Vice President of the Bank of China said that cryptocurrencies should not be used as currency but as an investment. Various bans are imposed on cryptocurrencies in China.
According to the share of Chinese journalist Colin Wu on his Twitter account, Vice President of the Central Bank of China Li Bo made important statements on Bitcoin (BTC) and crypto money. Li Bo said that crypto assets such as Bitcoin should be used as investment tools or alternative investments.
The rest of the information quoted by Chinese journalist Colin Wu is as follows:
“Li Bo said crypto assets are an investment option. It is not a currency in itself but an alternative investment product. China is working on regulatory policies. Li Bo also said that stablecoins issued by private companies require stricter control than Bitcoin . China has long considered Bitcoin’s status as a virtual commodity, with some bans. The entire policy is still relatively uncertain. Before understanding what regulatory rules are required, Li Bo said we will continue to maintain existing measures.
These statements are of great importance for the future of cryptocurrencies, as this officially means that a central authority by the Chinese government recognizes cryptocurrency assets. Maybe this may be a step taken in the future in terms of eliminating uncertain policies. Cryptocurrency exchanges remain in a very fragile structure, one of the biggest reasons for this is that most countries are not able to adopt a settled policy on cryptocurrencies and the statements made by investors create a volatile pricing.