China’s Central Bank Not Backing Bitcoin as Currency

An adviser for the People’s Bank of China has said that digital currencies, like Bitcoin, do not have what it takes to be a viable alternative currency, but backs them for their ability to hold value.

Bitcoin’s own classification is still quite muddy with it showing the characteristics of many different things. It has been compared to digital gold, as a valuable asset that grows in worth, but it has also been integrated into pay systems in retail stores recently.

China has itself been a bit two-faced in its appropriation of digital currencies, as it has gone from banning withdrawal of the asset, to setting regulations on it aimed at stopping fraud and scams around the digital currency.

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