CRYPTO IN CHINA

The country has a kinda unique relationship with the industry. On one hand, China consistently ranks among the top countries in terms of #mining volume and actively implements #CBDC.

On the other hand, it actively opposes the use of #cryptocurrencies in all forms, completely banning cryptocurrency transactions.

However, in the spring of 2023, it seems that a thaw has occurred. Here's a quick summary:

?? The decision was made to hire 500,000 blockchain specialists ??

?? Updated standards for the development of blockchain technology were introduced

?? Crypto-related videos were aired on national TV, portraying it as the future of the financial system ??

?? On May 27th, a White Paper on Web3 development was published

?? Hong Kong is becoming a Chinese crypto hub from June 1st, unofficially supported by mainland China according to insiders.

?? A government-backed metaverse has been launched ??

?? Not to mention that even AliExpress is considering accepting payment in memecoins, and Bitcoin price is avaliable on WeChat

Despite the allure of this apparent thaw, the country's authorities continue to enforce a strict policy against many founders and projects, as recently seen with Multichain and Trust Reserve.

There hasn't been a sudden bullrun amidst these Chinese updates. However, we shouldn't underestimate the influence of retail capital that is just starting to enter the market from the East. After all, their impact may simply be delayed in time.

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