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[ammu40]

Chinese state-owned banks are setting up shops in Hong Kong and offering banking services to cryptocurrency companies ahead of the implementation of a new licensing framework for cryptocurrency exchanges in June. This comes despite China's ongoing prohibition of cryptocurrencies. Banks offering services include Shanghai Pudong Development Bank, Bank of Communications Co., and Bank of China Ltd. The move is seen as a sign that Beijing supports the city's efforts to become a major digital asset center, and Hong Kong has been successful in promoting the acceptance of cryptocurrencies.

 

[Wisdom01]

Although based on my observation this is actually a good thing , because I actually thought since China had already reinstated a ban on cryptocurrency they are really done with everything that really do involves cryptocurrency in the first place

 

[btaliat]

China was known from the inception as pro cryptocurrency until 2021 when the country made it intention known to ban crypto activities in the country. I won't be surprised if they still want to initiate their love for crypto by setting up different shops for this.

 

[Gamer01]

Things can change on they might have anticipated that they are going to be behind but not allowing crypto so they might have changed their strategy to ensure they participate in the growth of the crypto sector in their economy .

 

[btaliat]

Things can change on they might have anticipated that they are going to be behind but not allowing crypto so they might have changed their strategy to ensure they participate in the growth of the crypto sector in their economy .

Chinese government shot themselves at the legs. Their thought was that crypto will soon fade off as the time they started campaigning against it. China even went ahead to create a CBDC project to campaign against crypto.

 

[Gamer01]

That's right they did so but now they might change their stance and accept the adoption of Crypto market with increased and tough regulation in the industry even that will be a good option and people will become more busier in their life actually indeed .

 

[Yugocean]

Making Hong Kong a crypto hub is not easy, the Hong Kong SFC has recently announced that it will ban those trading platforms that have not submitted license applications by 29 February.

 

[Wisdom01]

I really don't understand Chinese stance regarding crypto currency , most of the time I do wonder if they are in for crypto currency development or not , it's still a big mistery for me in many dimensions too

 

[IB DD]

I really don't understand Chinese stance regarding crypto currency , most of the time I do wonder if they are in for crypto currency development or not , it's still a big mistery for me in many dimensions too

It is clear that the outlook of the government doesn't support crypto. These banks are running these crypto operations outside of China in neighbouring Hong Kong. So the Chinese government really has no problems with that. I know it would be tough but China would accept crypto at a point. It would only take time.

 

[Wisdom01]

It is clear that the outlook of the government doesn't support crypto. These banks are running these crypto operations outside of China in neighbouring Hong Kong. So the Chinese government really has no problems with that. I know it would be tough but China would accept crypto at a point. It would only take time.

I think is clear that their current stance towards cryptocurrencies is not supportive. The Chinese government has implemented strict regulations on cryptocurrencies and has even banned ICOs (Initial Coin Offerings) and cryptocurrency exchanges in the past.