An earth-shattering event in 2021 had a profound impact on the cryptocurrency market. Shockwaves spread as news broke that China, a global powerhouse in terms of population and economy, had banned cryptocurrencies. Although there were subsequent reports of regional permissions for cryptocurrencies, there is still no official endorsement from the state. However, a recent statement made by a Tether official has turned heads.
According to a report from the South China Morning Post, Brock Pierce, the co-founder of Tether (USDT), the world’s largest stablecoin by market value, stated that China’s return to cryptocurrencies is “inevitable.” This remark has caused quite a stir in the industry. Pierce pointed out that there has been a growing interest in Hong Kong, as the Securities and Futures Commission (SFC) recently established clear boundaries for crypto investors. He suggested that the region could potentially become a significant player in trade finance (tradefi).
Pierce’s comments come after several cryptocurrency platforms with ties to China, which had been seeking licenses in Hong Kong, withdrew their applications following the regulatory measures implemented by the SFC last year. The SFC declared that crypto exchanges licensed in Hong Kong should not serve Chinese citizens.
Meanwhile, as discussions about China’s future involvement in cryptocurrencies unfold, the world is closely monitoring the price of Bitcoin. After reaching an all-time high of over $73,000 in March, the price of Bitcoin experienced a decline. Currently trading at $68,780 at the time of writing, it had dropped to $56,000 at one point. Despite this, Bitcoin’s market cap remains above $1.3 billion, and its 24-hour trading volume has increased by 89%, reaching $32.5 billion.
For the latest financial and business news, you can visit COINTURK FINANCE. Remember that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct thorough research on their own. Stay informed by following our news on Telegram, Facebook, Twitter, and Coinmarketcap.
