Virtual currencies like bitcoin are assets but bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic development needs, a Chinese central bank adviser said.
Sheng Songcheng, adviser to the People's Bank of China (PBOC), made the comments in an interview with financial magazine Yicai published late Thursday.
"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," he said.
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