China central bank adviser: bitcoin can’t be a currency just an asset

China central bank adviser: bitcoin can’t be a currency just an asset

Virtual currencies like bitcoin appear to be assets, although bitcoin in itself doesn’t feature the fundamental attributes required to be a currency, which could meet today’s economic development needs, as a Chinese key bank adviser , Sheng Songcheng  told.

He stressed that being deprived of the fundamental attributes of a currency, bitcoin just happens to be a string of code generated by certain complex algorithms. Nevertheless, virtual currencies boast technical value and can be classified as a sort of asset, he added.

The adviser’s comments arose after the Chinese central bank stepped up scrutiny of the country's bitcoin exchanges earlier in 2017. The given move helped Chinese companies to cease margin lending, impose trading fees and also issue regulations to rein in users.

Many governments worldwide are still discussing how to classify and regulate bitcoin, whose value went up in June to reach a record of $3,000. As for the Chinese government, it considers it to be a virtual good.

Similar

British pound dives to day’s minimums on UK inflation data

On Tuesday, the British pound went down to the day’s minimums versus the evergreen buck due to slowing inflation in December, which slowed for the first time for six months, hinting that the country’s cost of living squeeze relieved…

Aussie and Kiwi are at 4-month peaks vs. weaker US dollar

On Monday, the Australian and New Zealand dollars were keeping to four-month maximums versus their American rival because the broadly stronger common currency kept weighing heavily on the US currency notwithstanding Friday's mostly positive American data…

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera