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- HashKey Group CEO hopes that China will raise the crypto ban pushed by Trump’s pro-crypto stance.
- The CEO bases his assertion on the growing competitors between the US and China.
- Xiao Feng believes that stablecoins have the potential to revive the Chinese language crypto market.
HashKey Group CEO Xiao Feng believes that Donald Trump’s pro-crypto stance might immediate China to rethink its cryptocurrency ban. Feng means that the Chinese language crypto market might regain momentum, particularly if the USA adopts supportive insurance policies for digital belongings. He bases his view on the rising competitors between the USA and China.
The U.S. crypto group is optimistic concerning the market’s progress underneath Trump’s management. The incoming president has promised to revitalize the U.S. crypto market, pushing America to guide the worldwide crypto business. The potential firing of SEC Chair Gary Gensler and the ensuing regulatory overhaul might deliver a major shift within the U.S. crypto panorama.
Towards this backdrop, the HashKey Group CEO foresees a attainable development in China’s crypto market. In an interview with the South China Morning Publish, he mentioned, “If the U.S. Congress and the [incoming] president make crypto insurance policies clear, legislate constantly and promote the business, it might actually be a driving pressure for China to just accept cryptocurrencies.”
Learn additionally: China’s Inventory Rally Takes a Toll on its Crypto Market
Notably, China has been skeptical in direction of digital currencies. The nation carried out strict restrictions on preliminary coin choices (ICO) in 2017, adopted by a ban on crypto buying and selling and mining in 2021. Nonetheless, Feng’s assertion affords an optimistic perspective, reflecting renewed enthusiasm within the crypto sector.
In response to Feng, stablecoins might revive China’s crypto market. The nation is predicted to make use of regulated stablecoins for cross-border transactions. Feng shared outcomes from HashKey’s survey in Yiwu, China’s key manufacturing and commerce middle, displaying rising curiosity amongst retailers in accepting U.S.-dollar-based stablecoins like USDT and USDC.
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