Video Removed From Chinese Media After Binance CEO’s Remarks

China has continued to have a hostile stance against the digital asset. However, the recent events in Hong Kong have now gotten many experts speculating about the impact of cryptocurrencies on China.

China Central Television (CCTV) which is a state-affiliated media company aired a video about digital assets on 24th May. As a result, it was able to gain huge attention on various social media platforms.

Changpeng “CZ” Zhao, Binance CEO, termed it to be a massive deal and claimed that media attention like this can be a major factor in “bull runs.” Just a few hours after the Binance CEO made comments about the video, it was removed by the CCTV network from its platform.

The video program was about Hong Kong’s recent development regarding cryptocurrency compliance. Additionally, it also featured a Solana-based meme coin which was later discovered to be a pump-and-dump scheme.

Hong Kong’s Recent Developments for Cryptocurrencies

In a recent move, Hong Kong announced that it would let retail traders enjoy the services of licensed virtual asset platforms. The new announcement made it legal for retail traders to trade cryptocurrencies throughout the country.

However, the Securities and Futures Commission hasn’t given the final approval to any crypto exchanges to provide such services.

CZ’s claims that the biggest media company linked with China’s state talking about cryptocurrency is a huge deal coming from the fact that China completely banned all cryptocurrency activities back in 2021.

But, the positive indications in Hong Kong — China’s special administrative region — are now raising speculations about the country’s stance on cryptocurrencies.

The positive news coming from Hong Kong has already started impacting the Chinese market. Greenland, China’s state-owned enterprise, is planning on getting a license for trading virtual assets in Hong Kong.

China’s Hostile Stance Against the Crypto Currencies

China always had a hostile stance toward all kinds of foreign digital assets, mainly cryptocurrencies. Instead, it has been promoting its own digital Yuan which is a central bank digital currency (CBDC).

Although the digital Yuan hasn’t been officially introduced in the market, it is still used by millions of citizens via different government programs. China is one of the few countries that has started developing a CBDC.

However, it has taken a various cautious approach regarding cryptocurrencies. Unlike 5G technology, it hasn’t rushed to get a competitive edge when it comes to cryptocurrencies. It is safe to say that they’re still evaluating and inspecting things.

Chinese Government’s Ban on Cryptocurrencies

China made huge headlines in 2021 when it officially banned cryptocurrencies throughout the country. It became one of the few countries that outright banned cryptocurrencies. Besides transactions, it also prevented the country from any sort of activities such as mining.

The country banned crypto throughout different phases. Initially, it stopped the financial institutions to take part in any crypto activity in May 2021. After that, it asked to stop all the crypto mining throughout the country in June same year.

In September 2021, the country outright banned the entire usage of cryptocurrencies, including Bitcoin, for any sort of activity. This news had a significant impact on the market where prices of various cryptocurrencies saw a massive decline.

When announcing the ban, the Chinese government said that it was concerned about the impact of crypto mining on the environment. It also added that people might use digital assets for illegal activities such as money laundering and fraud.

Following the ban, the country then decided to promote its own digital Yuan currency. It is now making efforts to make it more popular than other cryptocurrencies.