The central bank of China seems to have shifted its tone this time towards bitcoin after considering it to be an "investment alternative." Besides, the Chinese government official said that the crypto assets will likely accelerate after clarifying that it is not a currency by itself.

Because of this sudden statement, it was now being watched closely for some changes which might happen. What pushed China bank to release a surprising bitcoin comment despite the crypto crackdown that happened in 2017.

The People's Bank in China (PBOC) now regarded the said cryptocurrency as a true asset. PBOC's deputy governor, Li Bo shared that they are "investment alternatives" during a panel interview with CNBC at the Boa Forum for Asia.

Despite the banning of initial coin offerings (ICOs) in 2017, China has once transformed into one of the most massive bitcoin buyers globally.

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