China 🇨🇳 republishes an article praising Bitcoin as a strategic reserve asset

A state-owned financial consulting organization in China named the International Monetary Institute (IMI) has just republished an article emphasizing the potential of Bitcoin as a reserve asset. This article was written by former White House economic advisor Matthew Ferranti, arguing that Bitcoin could help central banks in developing countries hedge against risks when the US dollar is used as a political tool.

On May 28, IMI posted this article on its official WeChat account and added an editorial note, stating that the role of Bitcoin is gradually changing from a speculative asset to a strategic reserve tool. This note also pointed out that confidence in dollar-denominated assets is waning due to budget deficits and high inflation, and therefore Bitcoin could become an alternative alongside gold.

Although this is not a sign that China is changing its official policy, IMI's republication of this article indicates a growing interest in academic and policy-making circles in China regarding the role of Bitcoin in the global financial system.