PBOC Adviser: Bitcoin can be an asset but not currency - RTRS

On Friday, Reuters reported comments made by Sheng Songcheng, adviser to the People's Bank of China (PBOC), in an interview with financial magazine Yicai published late-Thursday.

Key Quotes:

"Bitcoin does not have the fundamental attributes needed to be a currency as it is a string of code generated by complex algorithms... But I do not deny that virtual currencies have technical value and are a type of asset."

Chinese monetary authorities should study issuing a central bank virtual currency that it could regulate and run properly.

Bitcoin surged in June to hit a record just shy of $3,000