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The Chinese government, well known for its stance against Bitcoin and cryptocurrencies in general, seems to be shifting ground. The country is considering Bitcoin as an alternative investment for the nation, according to Li Bo, Deputy Governor of The People’s Bank of China.
On a CNBC panel at the Boao Forum for Asia, Li Bo said,
“We regard Bitcoin and stablecoin as crypto assets … These are investment alternatives. They are not currency, per se. And so the main role we see for crypto assets going forward, the main role is investment alternative.”
China has been very critical of cryptocurrencies. Officials allegedly tried to ban Bitcoin, forcing its citizens to resort to peer-to-peer trading. The nation has also been working on its own central bank digital currency (CBDC) and is in late-stage development.
China’s CBDC, which has gone through different levels of testing, is now ready to be tested by foreigners. According