After a bitcoin crackdown, China now calls it an 'investment alternative' in a significant shift in tone

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After a bitcoin crackdown, China now calls it an 'investment alternative' in significant shift in tone

an "investment alternative" — marking a significant shift in Beijing's tone after a crackdown on cryptocurrency issuance and trading nearly four years ago.

Industry insiders called the comments "progressive" and are watching closely for any regulatory changes made by the People's Bank of China . "We regard Bitcoin and stablecoin as crypto assets ... These are investment alternatives," Li Bo, deputy governor of the PBOC, said on Sunday during a panel hosted by CNBC at the Boao Forum for Asia.

"They are not currency per se. And so the main role we see for crypto assets going forward, the main role is investment alternative."In this photo illustration, the Bitcoin logo is seen on a mobile device with People's Republic of China flag in the background. China was once one of the world's largest buyers of bitcoin.

 

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I find it hard to believe they would be fine with Chinese citizens storing all their wealth in crypto.

They’re definitely up to something 🙄

They better quit playing with people’s money

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Now this is called good journalism and correct information reporting.

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