A momentous event in 2021 had a profound impact on the cryptocurrency market. Reports emerged that China, a country with a massive population and economy, had implemented a ban on cryptocurrencies. Although there were later reports of regional exceptions for cryptocurrencies, there is still no official legal approval from the government. However, a Tether official recently made a statement that caught people’s attention.
According to a report from the South China Morning Post, Brock Pierce, the co-founder of Tether (USDT), the largest stablecoin in terms of market value, stated that China’s eventual return to cryptocurrencies is “inevitable.” This statement caused quite a sensation in the industry. Pierce pointed out that there has been increased interest in Hong Kong due to the Securities and Futures Commission (SFC) recently establishing clear boundaries for crypto investors. He suggested that Hong Kong could become a key player in trade finance (tradefi).
Pierce’s comments came after several cryptocurrency platforms with ties to China withdrew their license applications in Hong Kong following the SFC’s regulations last year. The SFC declared that licensed crypto exchanges in Hong Kong should not serve Chinese citizens.
As discussions about China’s future in the cryptocurrency market continue, the price of Bitcoin remains a topic of worldwide interest. After reaching an all-time high of over $73,000 in March, the price of Bitcoin experienced a decline. It dropped to $56,000 but is currently trading at $68,780 at the time of writing.
Despite the fluctuations, Bitcoin’s market capitalization remains above $1.3 billion, and its 24-hour trading volume has increased by 89%, reaching $32.5 billion.
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Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research. You can also follow our news on Telegram, Facebook, Twitter, and Coinmarketcap.