Changpeng Zhao saw signs of a bull market thanks to Chinese TV


A cryptocurrency-related report on China Central Television (CCTV) caused a stir in local communities, said Binance CEO Changpeng Zhao.

“It is very important. The Chinese-speaking communities are buzzing. Historically, stories like this have led to bull rallies,” the entrepreneur said.

The report, shared by Zhao, dealt with the licensing of digital asset trading platforms in Hong Kong. In the video, journalists showed a device similar to a bitcoin ATM with the logo of the first cryptocurrency and the option to buy it in the menu. In other places, the abbreviation NFT flashed and once again the symbol of the first cryptocurrency.

Data: CCTV.

β€œThe participation of the Chinese does not necessarily mean a bull market, but it is definitely not a bull market without them,” commented one user.

Zhao responded to the remark that “you can’t argue with that.”

Journalist Colin Wu noted that this is not the first time CCTV has mentioned cryptocurrencies in their reports. He also believes that it is still difficult to assess the impact of Hong Kong’s digital asset policy on the entire country.

In September 2021, the People’s Bank of China, in a joint statement with nine government departments, classified cryptocurrency transactions as illegal financial activities. In February 2022, China tightened criminal penalties for illegally raising funds in digital assets.

Against this background, the authorities of the Hong Kong Special Administrative Region announced in January 2023 their readiness to accept cryptocurrency companies from around the world. The jurisdiction has introduced a licensing regime for the industry.

China Pacific Insurance CEO Shan Zhong believes that Beijing has not changed its stance on cryptocurrencies despite their acceptance in Hong Kong. At the same time, the firm launched two investment funds focused on digital assets in the region.

According to former BitMEX CEO Arthur Hayes, China intends to return to the digital asset industry through Hong Kong.

Recall, according to Bloomberg, the Chinese government provides tacit support to the jurisdiction in its quest to become a cryptocurrency hub.

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