The Deputy Governor of the People's Bank of China noted that stablecoins issued by private companiesneed even stricter oversight than the mainstream cryptocurrency.
Deputy Governor, People's Bank of China(NBK) Li Bo stated during his speech at the Boaosque Asia Forum that Bitcoin and other cryptocurrencies should be considered an investment vehicle. This was announced on Twitter by journalist Colin Wu. According to him, this is the first time that the Chinese authorities recognized the value of cryptocurrencies.
“Crypto assets are an investment option. It is not a currency in itself, but an alternative investment product, ”the journalist quotes Li Bo as saying.
Also, the Deputy Governor of the Central Bank of China noted,that stablecoins issued by private companies need even stricter oversight than Bitcoin. According to him, the Chinese authorities are studying the possibility of changing the regulation of the digital money market, but so far they do not plan to lift the current bans on cryptocurrencies.
In September 2017, the Central Bank of China introduced a complete banto conduct initial offerings of tokens (ICO) and threatened to revoke licenses to sites that conduct such operations. Now in the country, cryptocurrencies are equated to digital goods, which prohibits their use as a payment instrument.
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