Douyin, China’s version of TikTok, has removed the bitcoin (BTC) price ticker from its app just a few hours after it was made available. According to local media reports, users searching for bitcoin prices were met with a warning about the risks of digital asset investment. This move comes as China has been tightening its grip on cryptocurrency trading. It is with the People’s Bank of China recently banning financial institutions and payment companies from providing services related to cryptocurrency transactions. Despite this, the Chinese government has been exploring the potential of blockchain technology. President Xi Jinping recently calling for the country to accelerate its development of the technology.
Beijing’s Unexpected Move with Crypto
The recent appearance of bitcoin prices on Douyin, the most downloaded short video-sharing platform in China with 700 million daily active users. It seemed to be a sign that Beijing may be warming up to crypto. However, the ticker was taken down immediately afterwards, leaving many to wonder if this was an intentional move by the Chinese government. Given that social media in China is tightly controlled, this unexpected move with crypto has left many in the industry speculating what the future holds for the digital currency in the country.
Hong Kong Opens its Doors to Crypto
As the world of cryptocurrency continues to expand, Hong Kong has opened its doors to the digital asset. This move has been met with enthusiasm from the crypto community, as it coincides with reports of China’s state-owned banks reportedly soliciting business from crypto firms. Although opening an account with one of these banks remains a challenge, the addition of a bitcoin price ticker is a sign of the times. Hong Kong’s embrace of cryptocurrency is a major step forward for the industry. It could lead to further adoption of digital assets in the near future.
SFC Chief Executive Officer Supports Web3 Ecosystem
The Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer, Leung Fung-yee, recently expressed support for the development of the Web3 ecosystem during the Boao Forum for Asia Annual Conference 2023. She emphasized the importance of protecting investors by ensuring the safety of cryptocurrency platforms. This statement is a clear indication of the SFC’s commitment to the development of the Web3 ecosystem and its dedication to investor protection. The SFC’s support for the Web3 ecosystem is a positive sign for the future of cryptocurrency and blockchain technology. With the SFC’s backing, the industry is sure to continue to grow and develop in the coming years.
Road to Web3 Innovation: Proper Regulation and Promotion of Development
Hong Kong’s Financial Secretary Paul Chan recently shared his support for the development of Web3 in a blog post. He emphasized the importance of proper regulation and supervision to ensure financial security, prevent systemic risks, and protect investors. He also highlighted the need for investor education and anti-money laundering measures. With the right balance of regulation and promotion, Web3 can continue to develop and innovate.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
