China's central bank adviser considers Bitcoin to be a financial asset and not money, calls for the government to create its own digital currency.
The widespread adoption of Bitcoin among the masses has made it part of the global economic system. While the number of Bitcoin users continue to grow, there is still a lack of clarity about the cryptocurrency’s status in the financial system. Countries like Japan have already assigned a legal position to Bitcoin as a currency, and there are others that are mulling regulations to bring the digital currency within the purview of the country’s legal structure.
Read moreThis is good. If they don't consider it as money, the Chinese will regulate it less.
The PBOC has a lot of influence on how Chinese invest and consequently they can influence global Bitcoin prices.
this is good that they don't consider it as money,but the bad thing is that they are planning to create their own digital currency
it is ,potentially,very bad news for bitcoin
China's central bank equals China's goverment,no such a decision is possible without a direct ok from the goverment
and if chinese are on to something,they are most likely to follow through
this would mean a competetitor for bitcoin and loss of one of the biggest markets