After the bitcoin crackdown, China now calls it "Investment options"

China's central bank now calls Bitcoin an "investment option", marking a major shift in Beijing's tone after a crackdown on the issuance and trading of cryptocurrencies nearly four years ago.Industry insiders call their views "progressive" and are watching closely the regulatory changes made by People's Bank of China (PBOC).We consider bitcoin and stablecoin to be crypto assets these are investment options," PBOC deputy governor Li Bo said on Sunday during a panel discussion by CNBC at the Boao Forum for Asia.They are not a currency per person. So the main role we see for crypto assets in the future, the primary role is investment options.

Bitcoin was up สมัคร slotxo about 2 percent at 12:25 p.m. Beijing time, more than $ 57,134.04, according to Coindesk.China was once one of the world's largest bitcoin buyers.But in 2017, China banned so-called initial coin offerings (ICOs), a way to raise money for crypto companies by issuing digital tokens. That same year, authorities shut down local cryptocurrency exchanges. The move was prompted by concerns about financial stability.As an investment option, “many countries, including China, still consider and think about what kinds of regulatory requirements. Maybe the least But we need regulatory requirements to prevent ... speculation of such assets to create a serious financial stability risk, ”Li said.He added that the central bank will maintain current regulations on cryptocurrencies.Li's latest comment shows potential tone shifts from PBOC.

Flex Yang, CEO and founder of Babel Finance, called the comment "Progressive" in an interview with CNBC on Monday. Babel Finance is a crypto financial services company.I think it's quite important and is definitely different to their previous statements or positions regarding cryptocurrencies are public, ”Vijay Ayyar, head of business development of the Luno cryptocurrency exchange, told CNBC by email.Bitcoin seems to have become mainstream in the financial world and has gotten the attention of institutional investors.Big companies such as Tesla and Square in the US have bought a lot of bitcoin.The price of bitcoin is up 95% this year and the last week's currency. Digital hit a record $ 64,000.The all-time high coincided with the Coinbase direct cryptocurrency exchange listing,

which one investor called the "upstream" moment for the industry.Governments recognize this as a viable and well-established and growing asset class and need to monitor it. Crypto-regulated China will be another huge driver of the industry in China and around the world, ”Ayyar said, speaking of the motives behind the PBOC's transformation.China is working on its own cryptocurrency called the cryptocurrency. It is not a digital currency, and unlike bitcoin, it is issued by the PBOC.Its aim is to replace cash and coins in circulation.China has been testing digital currencies several times in major cities, and Li said the central bank could try out the cryptocurrency on foreign tourists at the 2022 Beijing Winter Olympics.