Although China has maintained a hostile stance against crypto, the recent developments in Hong Kong got many to speculate about its impact on China.
China’s state-affiliated media house CCTV aired a video about cryptocurrency on May 24 that garnered a lot of attention on crypto Twitter. Binance CEO Changpeng Zhao called it a “big deal” and claimed that historical coverages like these “led to bull runs.”
#BTC #cryptocurrency #ckb if you are not buying now, what are you waiting for? China official news network is pushing crypto in Hong Kong.
— apltang.bit (@apltang) May 24, 2023
Just a day after CZ’s affirmation, the CCTV network removed the video from its platform. The video program in question discussed the recent developments around cryptocurrency compliance in Hong Kong. It also featured a Solana-based memecoin that turned out to be a pump and dump scheme.
CCTV page show an error message for crypto video. Source:CCTV
Hong Kong recently announced that they would allow licensed virtual asset platforms to offer their services to retail traders. While the announcement made way for retail traders to legally trade crypto in the country, the SFC is yet to approve any crypto platforms for offering those services.
CZ’s assertion that China’s state-affiliated media company talking about crypto is a big deal arises from the fact that China imposed a blanket ban on all forms of cryptocurrency activities in 2021. However, recent positive developments in Hong Kong, a special administrative region of China, have sparked new speculations over its crypto stance.
The positive crypto developments in Hong Kong have already started to influence the Chinese market, where China’s state-owned Greenland is looking to apply for a Hong Kong virtual asset trading licence
Related: China state-backed firm launches two crypto funds in Hong Kong
China has maintained a hostile stance against all forms of foreign cryptocurrencies and has always promoted its central bank digital currency (CBDC) called digital yuan as the true digital currency of use. China was also among the first to start the development of CBDC and although not yet officially launched, the digital yuan is being actively used by millions of citizens through various government programs.
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