Re:SSD makers start warning that mining products like ChiaCo...
by yorwba on Saturday May 01, 2021 @06:40AM
(#27005130)
> They endorse Bitcoin openly to their citizens as a good investment.
The Chinese government is not usually in the business of recommending specific investments. (However, they might discourage people from investing into known scams.)
Specifically, he said that stablecoins would have to subject themselves to the same strict regulations as banks if they want to become widely used payment channels, and that cryptocurrencies aren't per se currencies, but a different kind of investment, and that, like other countries, they're currently investigating how to regulate them to manage the associated risks.
How that turned into an "endorsement" I don't know for sure, but I suspect hype factories trying to sell bitcoin using whatever story works.
The Chinese government is not usually in the business of recommending specific investments. (However, they might discourage people from investing into known scams.)
The source of this claim seem to be remarks on cryptocurrency that the People's Bank of China's vice president, Li Bo, made at the Boao Forum for Asia: http://www.cs.com.cn/yh/04/202104/t20210419_6158938.html
Specifically, he said that stablecoins would have to subject themselves to the same strict regulations as banks if they want to become widely used payment channels, and that cryptocurrencies aren't per se currencies, but a different kind of investment, and that, like other countries, they're currently investigating how to regulate them to manage the associated risks.
How that turned into an "endorsement" I don't know for sure, but I suspect hype factories trying to sell bitcoin using whatever story works.