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World "Investment Alternative": China makes a turnaround in Bitcoin

13:10  19 april  2021
13:10  19 april  2021 Source:   t3n.de

China Looks to Challenge U.S. Dollar with New Digital Yuan

  China Looks to Challenge U.S. Dollar with New Digital Yuan China's new digital currency looks like its paper money. A mobile phone app developed for the People's Bank of China allows users to spend it like cash. The central bank digital currency (CBDC) could be used for international trade, and likely won't be linked to the global financial system. Vital commodities such as oil and copper are priced in dollars. The Bank for International Settlements says the greenback is now used to complete about 88% of international foreign exchange trades, compared with about 4% for the yuan.

China has revealed its official opinion to the Bitcoin radically and now evaluates the crypto currency as an "investment alternative". But the country holds on the e-yuan.

Bitcoin hat sich offenbar das Ansehen Chinas erarbeitet. © Lukasz Stefanski / Shutterstock Bitcoin has apparently developed the reputation of China.

Four years ago, China had tightened his sound in terms of crypto currencies and initially banned so-called Initial Coin Offers (ICO) and later native crypt bodies. Instead of the Bitcoin, China relied on the development of its own digital currency, to the E-Yuan . Now the rating of China has apparently changed - pretty radical. At one event, the Vice-Governor of the Chinese People's Bank of China (PBOC) Li Bo described at least bitcoin and stable coins as "Investment Alternatives".

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Bitcoin: Investment Yes, Terminals No

Li Bo stressed that China does not consider the crypto currencies as potential means of payment, as CNBC reports . In addition, the land at the existing regulation and its plans to introduce with the e-yuan to introduce its own digital currency . The e-yuan should be output from the PBOC. The starting signal for tests with international visitors could be given 2022 in the context of the Winter Olympics. In any case,

observers see a turnaround in the official Chinese approach to crypto currencies in the statements of the Chinese Bankers. What significance has the opinion of the Bitcoin from the giant rich, not least the price development. Last week, the IPO of Kryptobörse Coinbase had hired the Bitcoin course on a new all-time high. Profit transactions as well as concern in the face of threatening interest in the US and the EU and a sub-ban in Turkey, but at the weekend had taken care of up to 15 percent for an course slide.

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 Danger for the US: Peter Thiel warns in front of Bitcoin as a billionaire Peter Thiel - actually known as a big fan of crypto feeds - Warns the USA before the risk that the Bitcoin becomes the weapon of China against the US financial system could. © Provided by finanzen.net Ralph Orlowski / Getty Images • Thiel worried that China could address Bitcoin as a weapon against US financial system • Danger for USA and US dollars • China's own crypto currency only a "totalitarian measuring instrument"? Peter Thiel, billionaire and co-founder of PayPal , is a larg

Bitcoin course recoveres again

probably because of the positive news from China recovered the course of Bitcoin and the other crypto currencies in the night from Sunday to Monday again. Bitcoin For example, according to Coinmarketcap, it went up to $ 57,500 to currently around 57,500 dollars. Etherum / Ether made a jump from around 2,000 to a good $ 2,250.

decoupled from the general price development of the past days has meanwhile the fun currency Dogecoin . Within last week, there was a quintuing of the course here. On Friday, among others, Tesla Chef Elon Musk, Proteged Coin reached its all-time high with just under $ 0.44. With a market capitalization of almost $ 50 billion dollars, the fun currency in the ranking of the most valuable crypto currencies is currently on the sixth place.

Bitcoin, environmental credits boost Tesla profits .
But the carmaker's profits were dented by a $299m payment to Tesla boss Elon Musk.Revenues also increased by 74% compared to the first quarter in 2020, despite production hurdles.

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