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China approves Bitcoin as an alternative investment currency

The Deputy Governor of the Central Bank of China, Li Bo said the government has approved the usage of Bitcoin as an alternative investment currency. 

According to Mr Bo crypto assets such as Bitcoin should be used as investment tools or alternative investments. This is the first time that the Chinese government has recognized the asset value of cryptocurrencies. 

Wu Blockchain reports Li Bo said that crypto assets are an investment option. It is not a currency in itself, but an alternative investment product. China is studying regulatory policies. 

Li bo also said that for stablecoins issued by private companies, stricter supervision than Bitcoin is required.

However, ex President of China Central Bank Zhou Xiaochuan also stated at the Boao Forum that digital assets must serve the real economy, implying its opposition to cryptocurrencies and thinking that they have nothing to do with the real economy.

While at the other hand, recently the Nigerian government prohibits dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges. 

The Nigerian apex bank, Central Bank of Nigeria directed banks in the country to close all cryptocurrency-related accounts.

This action by the Apex bank has been considered unfavourable for a lot of youths and detrimental to the growth of the nation's economy.

However, a lot of users have reacted to the Chinese government recognition of Cryptocurrency as alternative investment. Below are the reactions:

Chinese govement will support vechain and will use vechain as a national standard, vechain will be a huge deal! buy it quickly! it is dirty cheap right now before it is too late!

VeChain would be ideal as it’s more centralized and has actual use cases than celebrity promos. Can solve China supply chain issues.

Content created and supplied by: Solicitor123 (via Opera News )

Bitcoin China Li Bo Wu Blockchain Zhou Xiaochuan


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