China has endorsed Bitcoin and cryptocurrencies as good investment alternatives for the first time.
The deputy governor of the People’s Bank of China Li Bo said that cryptocurrencies should play a major role as an investment tool or an alternative investment.
According to an outlet that reports exclusive news about the Chinese crypto mining industry, regulation and exchanges Wu Blockchain, Li Bo said this while speaking at the Boao Forum for Asia on April 18, which had in attendance the former central bank governor of China Zhou Xiaochuan.
“We believe that encrypted assets should play a major role in the future, either as an investment tool or as an alternative investment. Many countries, including China, are also studying it as an investment tool,” he said.
Li Bo added that China, amongst other countries, is studying ‘what kind of regulatory environment should there be for such an investment method’ to reduce financial risks.
The current price of bitcoin is $56,543.47, increasing by 2.26% in the last 24 hours. Bitcoin’s current market cap of $1.06T and market volume of $70.79B. In the last 24 hours, bitcoin has dropped to $54,940.41 and experienced a 24 hours high of $57,609.37. Currently, 18,686,156.25 bitcoins are in circulation.
Stats and Image from Coin Desk
Zhou Xiaochuan said the priority of China is for finance, whether it is a digital currency or digital assets to serve the ‘real economy.’
“China has a characteristic that we attach great importance to the real economy. Finance is to serve the real economy. Whether it is digital currency or digital assets, it should be closely integrated with the real economy and serve the real economy,” he said.