People’s Bank of China softens its stance on Bitcoin ── crypto assets are called “alternative investment”

The People’s Bank of China (PBoC) Deputy Governor reportedly cited Bitcoin (BTC) and stable coins as viable investment tools, which is seen as a rare case of admitting crypto assets.

Deputy Governor Rinami of the People’s Bank of China will be on stage at the “Boao Forum for Asia” on the 18th. He and the People’s Bank of China said they believe digital assets are a viable investment tool, but they see a clear difference from the digital yuan. Journalist Colin Wu reported. ”Cryptocurrency is an investment option, not a currency in itself. It’s an alternative investment. I think crypto assets should play a big role in the future as an investment tool or as an alternative investment.” )

According to Bloomberg on the 18th, the digital yuan is also not a replacement for the US dollar, and the internationalization of the renminbi is a “natural process” based on market demand, Lee said. Last week, the US Biden administration was reportedly concerned that the digital yuan could have a long-term impact on the US dollar as the world’s key currency.


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