PBoC Softens Tone Toward Bitcoin, Stablecoins, Calling Them 'Alternative Investment'
The deputy governor said bitcoin and stablecoins were investment options and not currency during the Boao Forum on Sunday.
In a rare show of support for cryptocurrencies, a deputy governor of the People's Bank of China (PBoC) has reportedly singled out bitcoin and stablecoins as feasible investments.
Speaking at the Boao Forum for Asia on Sunday, Li Bo said while he and his central bank believe digital assets are viable investment vehicles, there was a clear distinction to that of the digital yuan, according to a report by journalist Colin Wu.
"[An] encrypted asset is an investment option, it is not currency itself," said Li. "It is an alternative investment."
"We believe that encrypted assets [bitcoin and stablecoins] should play a major role in the future either as an investment tool or as an alternative investment."
The price of bitcoin was at $57,031.04, up 2.49% in the past 24 hours, recouping some of the losses incurred over the weekend.
The digital yuan will also not replace the U.S. dollar and that its internationalization was to be a "natural process" dependant on market demand, Li said at the same event, according to a report by Bloomberg on Sunday.
Last week, U.S. President Joe Biden's administration was reportedly troubled by the potential long-term effects a digital yuan could have on the dollar’s status as the world’s reserve currency.
The deputy governor also underscored what he sees as the need for strong regulatory framework by ensuring "speculative assets" do not cause substantial financial risk.
"If we want such encrypted assets [stablecoins] to become a widely used payment solution we need a stronger regulatory rule, which is more stringent than bitcoin's current regulation," said Li.
China’s former central bank governor, Zhou Xiaochuan, also attending the forum, agreed with Li, stating that "everyone has to distinguish between digital assets and digital currencies."
See also: China’s Digital Yuan Is No Threat to US Dollar, Says Bank of Japan Official: Report
"Whether it is digital currency or digital assets it should be closely integrated with the real economy and serve the real economy," said Zhou.
China is currently ahead in the race of major economies developing a central bank digital currency and is planning a major trial of its digital yuan during the Winter Olympics in Beijing in 2022.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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