After the well-known crypto crackdown launched by the Chinese government four years ago, it seems there is now a change in the tone from the countryâ€™s central bank. At least thatâ€™s what has been suggested recently by the deputy governor of the Peopleâ€™s Bank of China (PBoC).
Central Bank Clarifies Its Regulatory Framework on Cryptos Will Remain Unchanged
During a panel hosted by CNBC at the Boao Forum for Asia, Li Bo is now naming bitcoin (BTC) with the â€œinvestment alternativeâ€ term for the first time since the crackdown. However, he made some clarifications on the meaning of his stance towards cryptocurrencies:
Such a statement implies an unprecedented change in Beijingâ€™s tone on cryptos, even with experts quoted by CNBC considering these comments as â€œprogressive,â€ as the country is also paving the way for the forthcoming digital yuan.
Li continued to elaborate on cryptocurrencies as investment alternatives:
Still, he clarified that the PBoC would keep its regulatory framework on cryptos unchanged.
PBoC Expects to Develop Cross-Border Solutions With Digital Yuan
During the panel, the newly-appointed central bankâ€™s deputy governor commented on the digital yuan. He pointed out that â€œour goal is not to replace the U.S. dollar or any other international currency, as our goal is to allow the market to choose and to facilitate international trade and investment.â€
That said, Li unveiled that the PBoC has some plans in regards to developing cross-border solutions with the â€œe-yuanâ€:
What are your thoughts on the PBoC deputy governorâ€™s words on cryptos? Let us know in the comments section below.
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