China sees crypto assets as investment vehicles, says PBoC deputy governor
China has been one of the countries with harsh rules towards cryptocurrencies. Yet, the deputy governor of the central bank has revealed that China considers cryptocurrency assets as acceptable investment vehicles.
Crypto assets are investment alternatives
Li Bo, a deputy governor of the People’s Bank of China, has pointed out that the apex bank considers cryptocurrencies to be valid alternative investment options. He made this statement while talking about the regulatory uncertainty in the country surrounding digital assets.Chinese journalist Colin Wu revealed this yesterday, stating that this is the first time China has formally recognized the value of cryptocurrencies. According to Wu, the PBoC executives said there are still regulatory risks for the central bank regarding cryptocurrencies, citing the bank’s previous ban on crypto exchanges and initial coin offerings.
Li added that the central bank would maintain the current measures and practices in place while exploring any potential change in regulation. “We believe that Bitcoin and stablecoins are encrypted assets. Encrypted assets are an investment option, not the currency itself. It is an alternative investment, not currency itself. Therefore, we believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment,” Li said.
The PBoC deputy governor also talked about stablecoins issued by private companies, stating that they need stronger regulatory guidelines. Li stated that “In the future, if any stablecoin hopes to become a widely used payment tool, it must be subject to strict supervision, just like banks or quasi-bank financial institutions are subject to strict supervision.”
China has banned several cryptocurrency activities over the past few years. Crypto exchanges no longer operate in the country, while it has also come down hard on Initial Coin Offerings (ICOs) and a few other cryptocurrency activities.
China’s digital Yuan is for domestic use
The Asian country has also advanced in the development of its digital Yuan. The United States is investigating the possibility of China using the digital Yuan to replace the US dollar as the global reserve currency.However, a former governor of the PBoC, Zhou Xiaochuan, said that China is developing its CBDC for local use. According to Xiaochuan, China doesn’t intend to replace the dollar as the global reserve currency as doing so would affect their monetary policy independence.
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