China has called bitcoin as “an investment alternative,” a remarkable shift after a crackdown on issuance and trading, according to CNBC. Industry insiders have called the comments “progressive” and are watching closely for any regulatory changes by the People’s Bank of China.
In 2017, China banned the so-called initial coin offerings, a way to raise money for crypto companies by issuing digital tokens
China also shut down local cryptocurrency exchanges, citing financial stability concerns
Deputy governor of the PBOC said the central bank will keep its current regulations on cryptocurrencies
China is currently working on its own digital currency, the Digital Yuan, with trials expected at the 2022 Beijing Winter Olympics.
The price of bitcoin is up 95% this year and last week, the cryptocurrency hit a record high of above $64,000
Bitcoin is currently gaining. BTCUSD is up 0.34%
