China recognizes cryptocurrencies as an alternative investment

Key:

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

Li Bo, Vice Governor of the People's Bank of China, said during the Boao Asian Forum that the country's authorities consider 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. "

Thus, China has no plans to change its approach to regulating cryptocurrency trading.

Let us recall that in 2017 the Central Bank of China introduced a ban onconducting initial coin offerings (ICOs) and using fiat currencies for cryptocurrency transactions. Since then, cryptocurrency exchanges such as Huobi and OKEx have been allowed to provide the ability to trade in a way that does not involve 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, during another speech, noted,that China is actively developing its own digital currency, known as DCEP. Authorities plan to test the use of DCEP during the upcoming Olympic Games, which will take place in winter 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 reserve currency.

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

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 deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, 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 functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and 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 ranking.

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