China Makes A Significant Shift In Its Tone To Cryptocurrency

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The following are important insights recently highlighted in various mainstream news media regarding blockchain technology and cryptocurrencies in China. The media highlights include opinions and comments from the most prominent individuals and stakeholders, which VeChain has translated for our community.

The Boao Forum for Asia, Vice Chairman Zhou Xiaochuan Said: Digital currency should serve the real economy

Zhou Xiaochuan attended Boao Forum for Asia (Image source: Boao Forum for Asia)
The Boao Forum for Asia 2021 Annual Meeting was held in Boao, Hainan. As one of the most influential forum summits in the world today, a number of heavyweight guests from home and abroad delivered speeches and held discussions on hot topics. Zhou Xiaochuan, Vice Chairman of Boao Forum for Asia, 12th Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference and former Governor of the People's Bank of China said that no of digital currency or digital assets, they all have to serve the real world. We have experienced the global financial crisis in 2008 and found that finance is detached from the real, such as the shadow banking and derivatives which have become purely speculative transactions between financial institutions, and there is no longer a connection with the real. Under this situation, it is easy to go wrong. In China, financial innovations have to be clear about its benefits to the real economy. (Source: Ifeng News)
PBOC Vice-Governor Li Bo Said: China considers cryptoassets as investment alternative
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(Image source: Boao Forum for Asia)
China considers cryptoassets as investment alternatives. The nation is planning to improve the regulatory environment for these alternative investments, to ensure that speculative activity will not result in serious financial risks, said PBOC Vice-Governor Li Bo. “Before the launch of any regulatory measures, we will maintain what we are doing right now,” Li said during a session discussion of the Boao Forum for Asia Annual Conference 2021. (Source: Chinadaily)
The Paper (China state-affiliated media) commented: Bitcoin has largely gained the same consensus and recognition as mainstream currencies and assets
Since the last two years, not only middle-class people are starting to buy Bitcoin as an asset allocation, but even many professional financial advisors are adding Bitcoin to their clients' asset allocation plans. From its initial birth on the premise of faith and consensus to its small-scale circulation to its current fluctuating changes by the complex global environment, Bitcoin, as well as Cryptocurrency has basically gained consensus and recognition worldwide for its value and role as a mainstream currency and asset. (Source: The Paper)

 

[Greymorgan]

As far as I know, China has always been against cryptocurrencies, as well as some other countries, and this, of course, upsets me, because I would like cryptocurrencies to stand on a par with traditional currencies. In general, with regard to crypto trading, I can advise you Bitcode AI. This is an excellent software for those who want to earn passively without wasting time on the trading process.

 

[AnthonyMorgan]

You're probably right that it may be accepted in every country one day, and as for the investments - crypto is indeed the best digital asset for that if you have a good strategy. Personally, I just learned What are DynaSets ? and decided to get into that, and I can tell you I don't regret it because I discovered an app that has an automated system that selects the best signals to buy crypto. So I didn't have to worry about investment strategies and trading and investing tactics from the beginning.

 

[ClutchNixon]

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