Rate this post by selecting a number. 1 is the worst and 5 is the best.

Author Message   Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3470 Registered: 05-2011 Rating: N/A Votes: 0 Posted on Monday, April 19, 2021 - 8:30 am:    After a bitcoin crackdown, China now calls it an ‘investment alternative’ in a significant shift in tone Li Bo, deputy governor of the People’s Bank of China (PBOC) called bitcoin an “investment alternative.” In 2017, China cracked down on cryptocurrency trading and so called initial coin offerings (ICOs). “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.” As investment alternatives, “many countries, including China, are still looking into it and thinking about what kind of regulatory requirements. Maybe minimal, but we need to have some kind of regulatory requirement to prevent ... the speculation of such assets to create any serious financial stability risks,” Li said. Li’s latest comments highlight a potential shift in tone from the PBOC. Flex Yang, CEO and founder of Babel Finance, called the comments “progressive” in an interview with CNBC on Monday. Babel Finance is a crypto financial services company.