China and the Cryptoadoption

China could play an important role in the cryptocurrency market this year.

The bottom line is that the second-largest economy in the world, which has been under severe restrictions for the past couple of years, will open up for business.?

An NFT trading platform that China announced last December. Entering the cryptocurrency market through the state-backed Web3 venture has been a sign that the country is allowing the industry to emerge from a gray area. The regulated NFT market has brought the state closer to the adoption of cryptocurrency.

This is also evidenced by the initiative of the Chinese tax authorities, which introduced a 20 percent tax for crypto investors and bitcoin miners. The taxation has given the industry a sense of legitimacy, given that the country has imposed a total ban on bitcoin mining in 2020.

And also another positive of the crypto market can be considered the statement of the National Innovation Center for Blockchain Technologies. He will be based in Beijing, his task is to study blockchain technologies in cooperation with think tanks and enterprises working in this field.

Exciting times! What do you think this means for the market?