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Slow to start: Crypto regulators lagging behind blockchain industry cointelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cointelegraph.com Daily Mail and Mail on Sunday newspapers.
They were only two seemingly innocuous words: “investment alternatives.” But when applied to Bitcoin the seminal cryptocurrency by an official from the People’s Bank of China in a recent panel discussion, they reverberated like a firecracker. “A remarkable step for BTC,” Lennix Lai, director of financial markets at OKEx, calls the statement. Michael Peshkam, executive in residence at European business school INSEAD, describes the central banker’s remarks as “a significant shift in the country’s position” on crypto. To recap: On April 18 at a CNBC event at the Boao Forum for Asia, Li Bo, deputy governor of the PBoC China’s central bank said: “We regard Bitcoin and stablecoin as crypto assets. […] These are investment alternatives.” CNBC reporter Arjun Kharpal commented: ....
Analysis Lost or misplaced private keys, after all, are a bane of the crypto world â just recall the Welshman who lost 7,500 Bitcoin (BTC), worth about $400 million today, when he landfilled his PCâs hard drive, forgetting it was the sole repository of his private key. Meanwhile, traditional banks are societyâs safekeepers par excellence , so maybe they can improve the crypto user experience with regard to private keys at the very least. But if major financial institutions are indeed getting involved with cryptocurrencies â and not just in the custody area, as investment bank Morgan Stanley signaled on Feb. 13 a future investment in Bitcoin â why now? Is it just the soaring price of Bitcoin? Or has the evolving blockchain/cryptocurrency industry reached a new level where itâs acceptable even to habitually cautious depository institutions? ....