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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why A Central Bank of China Official Said Bitcoin Has Major Role in the Future

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC

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For the first time, a Chinese government official has recognized the value of Bitcoin and other cryptocurrencies. The People’s Bank of China Deputy Governor, Li Bo, called these assets an important part of the future at the Boao Forum for Asia, per a report by Colin Wu.

Bo said Bitcoin and cryptocurrencies should be regarded as alternative investments and revealed China is studying regulatory policies towards these assets. The official clarified cryptocurrencies are not legal tenders and further added stablecoins will “required stricter supervision” for them to be widely adopted. Bo said:

Although this regulatory rule is the minimum regulatory rule, there are still regulatory rules. And it is necessary to ensure that speculation in such assets will not cause serious financial risks. In other words, before we figure out what regulatory rules are needed, we will continue to maintain the current measures and practices.

In the event, Bo was accompanied by the Former Governor of the Central Bank of China Zhou Xiaochuan highlighted “finance”, cryptocurrencies, and digital assets should serve the “real economy”. Later, Xiaochuan said he has a “question” about whether Bitcoin and digital currencies have “benefits” for the real economy.

China’s digital yuan, attack on Bitcoin and the dollar?

The Central Bank of China is developing its digital RMB or digital yuan. Currently, the institution is testing and developing for their central bank digital currency (CBDC) user interface, wallet, and other features.

The People’s Bank of China Deputy Governor said the government is not aiming to “replace the U.S. dollar” or any other currency. Bo claimed the CBDC has been designed to “facilitate trade and investment” and expect the market to “choose” the best way to do so.

As reported by Dovey Wan, founder partner at Primitive Crypto, the digital currency and electronic payment (DCEP) is being tested in the province of Shenzhen. Its first integration could come from government installments, Wan said:

(…) some municipal payment and public economic activity will be first adopted, then merchant adoption. China is really good at deploying new tech infra–at large scale, this won’t be exception.

Bitcoin (BTC) is trading at $55.776 with 8.1% losses in the daily chart. In the weekly chart and monthly chart, BTC has 7% and 3.7% losses, respectively.

Bitcoin BTC BTCUSD
BTC with moderate losses in the daily chart. Source: BTCUSD Tradingview

China seems to have been affecting Bitcoin’s price action in the past day. Analyst Willy Woo said BTC’s price crashing was due to anticipation of miners “going offline in China”.

#marketupdate, breaking it down, post mortem.

We just saw the single largest 1-day drop in mining hash rate since Nov 2017. The hash rate on the network essentially halved, causing mayhem in BTC price as it crashed. pic.twitter.com/zzdgDikjXt

— Willy Woo (@woonomic) April 18, 2021

Also, the increase in sell pressure during the weekend was enough to trigger a lot of liquidations of “short-term speculators”. Therefore, BTC’s volatility has been rising. Woo said he still is long-term bullish.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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