- The CEO of HashKey Group hopes that China will raise its ban on cryptocurrencies on account of Trump's pro-crypto stance.
- The CEO bases his assertion on rising competitors between the US and China.
- Xiao Feng believes that stablecoins have the potential to revive China's crypto market.
HashKey Group CEO Xiao Feng believes that Donald Trump's pro-cryptocurrency stance might immediate China to rethink its cryptocurrency ban. Feng means that China's crypto market might regain momentum, particularly if america adopts supportive insurance policies for digital belongings. He bases his opinion on the rising competitors between america and China.
The US crypto neighborhood is optimistic about market development underneath Trump's management. The incoming president has promised to revive the US crypto market, pushing America to steer the worldwide crypto trade. The potential firing of SEC Chairman Gary Gensler and the ensuing regulatory overhaul might convey a few important shift within the US crypto panorama.
On this context, the CEO of HashKey Group foresees doable progress within the Chinese language crypto market. In an interview with the South China Morning Put up, he stated, “If the US Congress and the (incoming) president make clear crypto coverage, legislate persistently and help the trade, it might definitely be a driving drive for China to undertake cryptocurrencies.”
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China particularly has been skeptical of digital currencies. The nation imposed strict restrictions on preliminary coin choices (ICOs) in 2017, adopted by a ban on cryptocurrency buying and selling and mining in 2021. Nonetheless, Feng's assertion provides an optimistic outlook that displays renewed enthusiasm within the crypto sector.
In keeping with Feng, stablecoins might revive China's crypto market. The nation is anticipated to make use of regulated stablecoins for cross-border transactions. Feng shared HashKey's survey leads to Yiwu, China's key manufacturing and buying and selling hub, displaying growing service provider curiosity in accepting US dollar-denominated stablecoins similar to USDT and USDC.
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