China’s Central Bank Deputy Governor Says Bitcoin and Crypto Are Investment Options

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Li Bo, the new deputy governor of The People’s Bank of China (PBOC), is taking a friendly stance on Bitcoin after expressing support for BTC and cryptocurrencies.

Li, who was appointed deputy governor of China’s central bank just last week, spoke about crypto at the Boao Forum for Asia on Sunday, according to Chinese crypto journalist Colin Wu.

Says Li in translated comments,

“We believe that Bitcoin and stablecoins are encrypted assets. Encrypted assets are an investment option. It is not currency itself. It is an alternative investment, not currency itself. So we believe that crypto assets should play a major role in the future, as an investment tool or alternative investment.”

The central bank official also indicated China was studying how to best regulate the space.

“If it is used as an investment tool, many countries, including China, are also studying what kind of regulatory environment there should be for such an investment method. Although this regulatory rule is the minimum regulatory rule, there are still regulatory rules. And it is necessary to ensure that speculation in such assets will not cause serious financial risks. In other words, before we figure out what regulatory rules are needed, we will continue to maintain the current measures and practices.”

Li’s comments come years after the PBOC cracked down on initial coin offerings (ICOs) in the country while ordering local Bitcoin exchanges to shut down their operations.

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