Li Bo, the newly-appointed Governor of the People’s Bank of China (PBOC), spoke openly on Sunday about the possible aids of cryptocurrencies as investments. 

Bitcoin is more of an investment substitute than a currency, one of the best leaders at the People’s Bank of China has demanded. 

Li Bo, the deputy PBoC governor, later exposed that the top bank is satisfied with the current digital currency regulations in China, but would pursue to implement even stricter rules for stable coins. 

Bo was talking through the Boao Forum for Asia, a board hosted by CNBC. The newly-appointed deputy governor revealed that the banking controller doesn’t view BTC as a currency. 

We trust that Bitcoin and stable coins are encoded assets, said Bo. Encrypted assets are an investment choice, not currency itself. It is another investment, not currency itself. 

Hence, we believe that crypto assets should show a major role in the future, either as an investment device or as an alternative investment. 

Bo’s misleading comments mirror a story peddled by the BTC cartel that Bitcoin is an investment asset, not a digital currency. 

Bo also mentioned digital currency rules in the Asian economy. He stated that in several countries, as well as China, are still observing it and thinking about what sort of regulatory necessities. 

Maybe slight, but we need to have some sort of regulatory obligation to avoid the speculation of such assets to generate any thoughtful financial stability risks. 

The deputy governor further said that the PBoC has no purpose of altering the current digital currency regulatory framework. 

These institutions have required riding on the current market build up to generate profits from their BTC holdings earlier, eventually discarding them once the digital currency market dips. 

Tesla’s Elon Musk and MicroStrategy's Michael Saylor have been the two major pushers of this story.