the People’s Bank of China (PBOC) has referred to Bitcoin as an “investment alternative,” signaling a change from its previous stringent stance on cryptocurrencies.

This development was highlighted during the Boao Forum for Asia, where Li Bo, then deputy governor of the PBOC, acknowledged the potential of digital assets in the investment landscape. ​

Historically, China had imposed strict regulations on cryptocurrency activities, including a comprehensive ban on cryptocurrency trading and mining in 2021. The PBOC’s recent acknowledgment suggests a more open approach towards integrating digital currencies into the financial system.

This shift aligns with China’s broader strategy to explore and implement its own central bank digital currency (CBDC), the digital yuan. The digital yuan aims to modernize the nation’s payment systems and assert greater control over the digital economy. ​

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