China says Bitcoin can be an asset but not a currency

Virtual currencies like bitcoin and ethereum are assets, but in itself does not have the fundamental attributes needed to be a currency one that could meet modern economic development , said Chinese central bank adviser.

He made these comments in an interview with financial magazine Yicai published late Thursday.

Many governments are still mulling how to regulate and classify bitcoin and other digital currency, whose value surged in June to hit a record high of $3000. China has classified it as a "virtual good"