Crypto adoption and China are two things that don’t mix too well. China should preferably have nothing of crypto such as bitcoin (BTC) at all. Still, there was a striking broadcast on Chinese state television CCTV on Wednesday. An item was broadcast there about crypto, something that, according to the CEO of the world’s largest crypto exchange Binance, can have a huge positive effect on crypto in general.
Crypto on Chinese TV
In a tweet, Changpeng Zhao, the CEO of Binance, stated that on Chinese television it was about crypto for 98 seconds. More precisely, it was about the new regulation on digital currencies that Hong Kong has introduced.
Crypto exchanges, among others, will soon be able to register there. This means that these platforms can get to work fully regulated. It is a striking development as China is gaining more and more influence in Hong Kong, but is virtually banning crypto itself.
Part of the regulation is that traders may not be motivated with stablecoins. In addition, free crypto gifts are also not allowed, which probably refers to air drops.
Nevertheless, CZ generally sees it as a positive signal. According to him, it is abig deal” that crypto is featured on Chinese television. He therefore writes:
“CCTV (China Central Television) just broadcast crypto. That’s a big deal. The Chinese-speaking communities are bubbling enormously. Historically, such coverage led to bull runs. I’m not saying this predicts the future. No financial advice.”
CCTV (China Central Television) just broadcast crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.
Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93
— CZ
Binance (@cz_binance) May 24, 2023
Binance (@cz_binance) Anti-bitcoin China to crypto via Hong Kong?
China, as mentioned, is a hostile country when it comes to crypto. In addition to completely banning bitcoin mining, crypto exchanges are also virtually illegal. Remarkably, in April the crypto news reported that many Chinese state-owned companies still have exposure to crypto, but through Hong Kong.
Thus, Hong Kong seems to be a certain loophole for Chinese companies to still participate in the crypto industry. With the new laws and regulations in Hong Kong, this only seems to accelerate further.