“China Crypto Pump” Hype: Could it be the Next Big Thing for Cryptocurrencies?

“China Crypto Pump” Hype: Could it be the Next Big Thing for Cryptocurrencies?
Adoption & Regulations
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"crypto-china pump" hype: might it be the next great thing for cryptocurrencies? appeared first on Coinpedia Fintech News

As China's central bank continues to print money at a frantic pace, the country's growing love for cryptocurrency is on the verge of driving the digital asset market to record highs.

China and Crypto

With Hong Kong opening up to cryptocurrency and a long history as the world’s largest miner, it’s no surprise that China is viewed as a potential catalyst for the next crypto boom.

The Chinese cryptography industry is making waves because the "Chinese story" is being used to sell the next bull market. Tokens that are linked to China are incredibly well, with a conflux increase of 467% over the past week, according to coingecko data. NEO is up 51 per cent, and Filecoin (FIL) is up 60 per cent.

Cryptographic determination of Hong Kong.

A couple of nights ago, It has come to our attention that the Securities and Futures Commission (SFC) in Hong Kong is embarking on a consultation process to allow crypto exchanges to serve retail investors, after working on an accredited investor consultation plan to be implemented on June 1st.

Housing will also be regulated within the city through institutions and trusts formed as a local corporation. This announcement fuelled the expectations of a crypto boom led by Asia, after Bloomberg reported that the government of mainland China in Beijing could have quietly endorsed the idea.

Cryptocurrencies are currently prohibited from retailing in Hong Kong. However, the announcement that China's special administrative region was plunging its toes into cryptography immediately triggered bullish reactions from day-to-day users and leaders.

In fact, there are two doors.Io and HUOBI GLOBAL crypto exchanges have stated that they will apply for crypto exchange licenses in hong kong and comply with the relevant regulations to offer services to hong kong clients. The consultation is open to crypto users and stakeholders until March 31.

Is Hong Kong going to take over from the United States?

On the other hand, American regulators are cracking down on Bitcoin, Ethereum, cryptocurrencies, and crypto as a result of the FTX crash last year, which sent shock waves through the crypto market.

Chief Executive Officer of Coinbase, brian armstrong, warned that in the absence of clear cryptocurrency legislation and a friendly environment of the authorities, the U.S. may lose its position as a long-term financial hub.

In addition, he said, crypto is available for anyone worldwide, with the European Association (EU), Spain and Portugal (UK), and Hong Kong (HK) that are leading the way and have the potential to outstrip the United States.