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Reality Check: China did NOT call Bitcoin an investment alternative – One person working at the central bank of China (Li Bo) did. Stay grounded

It never ceases to amaze me how many “moonboys” we get in this subreddit that don’t know how to read a post. I’ll just copy and paste all of my original thoughts from my comment in the relevant thread here:

>李波:我们认为比特币和稳定币是加密资产。加密资产是投资的选项,它本身不是货币。它是另类投资,本身不是货币。所以我们认为加密资产将来应该发挥主要作用(的地方),是作为一种投资工具或者是替代性投资。把它作为一种投资工具的话,很多国家包括中国也正在研究,也就是对于这样一种投资方式应该有怎样的一种监管环境。虽然这个监管规则是最低的监管规则,但是仍然要有监管规则。以及也要确保对于这类资产的投机不会造成严重的金融风险,这是必须要做到的。也就是说,我们想出来需要怎样的监管规则之前,会继续保持现在的举措和做法。

Translation: *We believe that Bitcoin and stablecoins are crypto assets. Crypto assets are an investment item, they themselves are not currencies. So we believe that (the main place) crypto assets will develop is to become a substitute investment or investment tool. If we examine it as an investment tool, many countries including China are researching just what kind of environment would be appropriate for these investment tools. Although these regulatory rules will be to a minimum, these are still regulatory rules [this is stressed as rules that must be followed]. It is also necessary to ensure that speculation of these assets will result in minimizing financial risk. Before we role out and new regulations or laws with regards to crypto assets, we must ensure that the present laws and practices are being followed.*

We can’t forget this is quite literally “Xi Jinping’s China” that we’re talking about. I say quite litererally because Jack Ma, one of China‘s richest men, disappeared for a couple of months for simply voicing a disagreement with the CCP. Now I daresay that we need to keep a close eye on Li Bo for the next couple of months.

My final take: I said China would be getting on board sooner or later. I am nearly, positively, 100% certain that new regulations will revolve around strictly custodial services surrounding bitcoin unless the amount is below a particular threshhold in USD or RMB.

You can find my previous takes here in a different thread – https://old.reddit.com/r/CryptoCurrency/comments/j4e2iz/the_state_of_cryptocurrency_in_china_if_anyone/

And don’t forget: they don’t want crypto opened up to normies! why? This three minute video should ge the point across: https://www.youtube.com/watch?v=OAK7Rq6YFz4

**EDIT:** This is what the media is trying to make you think with a different entirely fabricated example:

**”The Speaker of The House comes out as a vegan.”** is the headline we read on Monday from the New York Times.
Tuesday rolls along. Some Chinese news outlet publishes this headline: **”America is going green and loves eating vegan.”** because of Monday’s headline.

Anything sound funny about that?



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21 Comments

  1. The personal opinion of someone high ranking in the central bank of China; even if it’s a personal opinion, don’t think for a moment they get to say anything like this without a nod from the government itself, so people aren’t exactly misinterpreting the news.

    Seems like your gripe is with how the information was spread, but ultimately the message being received doesn’t change.

  2. China has been onboard for a long long time. Otherwise, there would be no huge mining farms or ASIC production in the country.

    Bitmain wouldn’t be huge as it is today without any political influence.

  3. Great post. People need to understand that very few people are buying crypto in China right now and that number is likely to remain low until the govt opens up access to exchanges. Right now, buying crypto in China is very difficult as there is no means to move your RMB from your Chinese bank onto an exchange, to even see an exchange you need a VPN and access to those is closed too. I’m optimistic for the future of crypto in China, the govt is encouraging blockchain development and also looking to bring in a digital yuan (what form that will take is still not clear, but you can bet it won’t be decentralized). So it *probably* is just a matter of time before the Chinese population is given access to some cryptos via a China-based exchange but we shouldn’t be getting carried away with all these headlines that predict an imminent flood of RMB into the crypto market – it’s simply not going to happen.

  4. This should be taken note more often than sob stories here. With the new members coming around they need to know which news sites have clickbait. Might just save them from overspending =)

  5. >*We believe that Bitcoin and stablecoins are crypto assets*

    Yeah, not a currency yet. Therefore, they are assets. Therefore, they are maybe tradable (unless Honorable, Venerable, Immortal, and Glorious Leader of CCP Xi Jinping says otherwise by invoking Mandate of Heaven upon cryptocurrency).

    Considering cryptocurrency is about ceding some control to the masses, I doubt this would go swimmingly. CMIIW, and as an outsider, but CCP is all about absolute, undeniable, unending, and infallible control of the Party over its people. I’m going to wait for the international news to report on his being. Or probably we would never remember who Li Bo is and was.

    Other than that, it is business as usual… Unless there has been FUD spreading around in regards to banning cryptocurrency outright. Let’s face it… to ban cryptocurrency meant that the mining farms in China would cease to profit; the fact that they had not been banning the mining farms (at least in some regions AFAIK) meant that the government would also profit from bitcoin.

    What I could imagine is that only the government and those with royal blood and/or connection (in a political party or something) that would have free reign to owning and using cryptocurrency.

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