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.

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