May 15, 2021

China recognizes cryptocurrencies as an alternative investment

China recognizes cryptocurrencies as an alternative investment

Key:

  • The Chinese authorities are considering Bitcoin as an alternative investment.
  • Regulation regarding cryptocurrencies will not change yet.
  • In China, it is believed that stablecoins will be widely used as a payment instrument in the future.
  • China is actively developing its own digital currency (DCEP).

Vice Governor of the People's Bank of China Li Bo said during the Boao Forum for Asia that the country's authorities are considering Bitcoin and other cryptocurrencies as an alternative investment.

Li Bo was asked if China would abandon its tough stance on crypto regulation, to which he replied:

“We view bitcoin and stablecoins ascryptoassets. Crypto assets are investment alternatives, they are not currency. The main goal of this instrument, which we see in the future, is investment. Regarding regulation, many countries, including China, are still studying the regulatory requirements that need to be applied to such instruments to reduce the impact on financial stability. "

As such, China has no plans to change its approach to regulating cryptocurrency trading yet.

Recall that the Central Bank of China in 2017 introduced a ban onconducting an initial coin offering (ICO) and using fiat currencies for transactions with cryptocurrencies. Since then, cryptocurrency exchanges such as Huobi and OKEx have been allowed to provide the ability to trade without fiat currency in the pair. That is, the exchange of cryptocurrency for cryptocurrency is allowed.

Regarding stablecoins, Li Bo said the following:

“Stablecoins can be viewed as a toolfor payments, however, this requires stricter regulation, even stronger than in relation to bitcoin. In the future, I think stablecoins will be widely adopted as a payment solution. ”

Li Bo noted in his other speech,that China is actively developing its own digital currency known as DCEP. The authorities plan to test the use of DCEP during the upcoming Olympic Games, which will take place in the winter of 2022.

At the same time, Li Bo added that the development of DCEP is not related to China's desire to replace the US dollar as the world's reserve currency.

“Our goal is not to replace the US dollar or other international currency. We want to give the market a choice. "- said Li Bo.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

China recognizes cryptocurrencies as an alternative investment

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