- The CEO of Hashkey Group is hopeful that President Trump's pro-crypto stance will immediate China to elevate its ban on cryptocurrencies.
- The idea for the CEO's remarks is the rising competitors between america and China.
- Xiao Feng believes that stablecoins have the potential to revive China's crypto market.
Hashkey Group CEO Xiao Feng believes President Donald Trump's pro-crypto stance might immediate China to rethink its crypto ban. Feng means that China's crypto market might regain momentum, particularly if the US adopts supportive insurance policies for digital belongings. He bases this on the rising competitors between the US and China.
The US crypto neighborhood is optimistic that the market will develop beneath President Trump's management. The president-elect has pledged to revitalize the U.S. cryptocurrency market and encourage america to steer the worldwide cryptocurrency business. The doable removing of SEC Chairman Gary Gensler and the ensuing regulatory reforms might result in main adjustments within the U.S. cryptocurrency panorama.
Towards this backdrop, the CEO of Hashkey Group foresees the potential for progress in China's cryptocurrency market. In an interview with the South China Morning Publish, he stated, “If the U.S. Congress and the (incoming) president make clear crypto coverage, legislate persistently, and promote the business, it definitely means China will settle for crypto. It is going to be a driving pressure.”
Additionally learn: China's inventory rally hits crypto market
What’s noteworthy is that China is skeptical of digital currencies. The nation launched strict restrictions on preliminary coin choices (ICOs) in 2017, adopted by a ban on cryptocurrency buying and selling and mining in 2021. Nevertheless, Feng's assertion displays renewed enthusiasm within the crypto sector and gives an optimistic outlook.
In accordance with Feng, stablecoins have the potential to revive China's crypto market. The nation is predicted to make use of regulated stablecoins for cross-border transactions. Mr. Feng shared the outcomes of a HashKey research performed in Yiwu, a serious manufacturing and commerce heart in China, highlighting service provider curiosity in accepting US dollar-based stablecoins like USDT and USDC. It confirmed a rise.
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