- HashKey Group CEO hopes China will carry crypto ban pushed by Trump's pro-crypto stance.
- The CEO bases his assertion on the rising competitors between the USA and China.
- Xiao Feng believes that stablecoins have the potential to revive the Chinese language crypto market.
Xiao Feng, CEO of HashKey Group, believes that Donald Trump's pro-crypto stance may immediate China to rethink its ban on cryptocurrencies. Feng means that China's crypto market may regain momentum, particularly if the USA adopts insurance policies supporting digital belongings. He bases his view on the rising competitors between the USA and China.
The US crypto neighborhood is optimistic about market development below Trump's management. The brand new president has promised to revitalize the US crypto market, pushing America to change into the chief within the world crypto business. The potential dismissal of SEC Chairman Gary Gensler and the ensuing regulatory overhaul may result in a big change within the US crypto panorama.
On this context, the CEO of the HashKey group foresees a doable breakthrough within the Chinese language crypto market. In an interview with the South China Morning Publish, he mentioned: “If the US Congress and the (new) president make clear crypto insurance policies, legislate persistently and promote the business, it might actually be a driving drive for that China accepts cryptocurrencies. »
Additionally learn: China’s inventory market rally weighs closely on the crypto market
China has specifically been skeptical of digital currencies. The nation carried out strict restrictions on preliminary coin choices (ICOs) in 2017, adopted by a ban on cryptocurrency buying and selling and mining in 2021. Nevertheless, Feng's assertion affords an optimistic outlook, reflecting renewed enthusiasm within the crypto sector.
In accordance with Feng, stablecoins may revive the Chinese language crypto market. The nation is predicted to make use of regulated stablecoins for cross-border transactions. Feng shared HashKey's survey leads to Yiwu, China's main manufacturing and commerce hub, exhibiting retailers' rising curiosity in accepting US dollar-based stablecoins like USDT and USDC .
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