Arthur Hayes, former CEO of Bitcoin exchange BitMEX, spoke about the possibility of China returning to the digital asset industry with the help of Hong Kong.
“Comeback” is an essay about how #Hong Kong retakes its position as the #crypto capital markets hub of the world!!! And I add another pillar to the upcoming $BTC BOOOLLL Market.https://t.co/1zqaZQFEBp pic.twitter.com/rM5FjodoYZ
— Arthur Hayes (@CryptoHayes) October 25, 2022
He believes that media reports of plans by the Hong Kong Securities and Futures Commission (SFC) to ease the requirements for trading cryptocurrencies confirm China’s attempts to return to the digital asset market.
If the bill is passed, retail investors will be able to “directly invest in virtual assets,” said Elizabeth Wong, head of financial technology at the SFC.
Hayes called Hong Kong a “trustee” through which China interacts with the rest of the world. In his opinion, the reorientation of the administrative region of China is part of Beijing’s strategy to weaken its position against cryptocurrencies.
“When China loves crypto, the bull market will return. It will be a slow process, but the sprouts are already blooming. […] If these flows do materialize in the way I envision, they will be a strong backbone for the next bull market,” Hayes wrote.
At the same time, China is successfully implementing the digital yuan. According to the People’s Bank of China, at the end of summer 2022, the accumulated volume of e-CNY transactions reached 100.04 billion yuan (~$14 billion).
Recall that in October, researchers from the Chinese State Institute put forward the idea of a pan-Asian digital currency to reduce the dependence of the region’s economies on the US dollar.
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