On May 23, state broadcasting corporation China Central Television (CCTV) aired a segment on the adoption of cryptocurrencies in Hong Kong. As reported in the segment, Hong Kong regulators “have made final preparations” for the trading of virtual assets in the special administrative region and will accept applications from virtual asset trading platforms.
Zhonghui Cai, an official from the Securities and Futures Commission (SFC) of Hong Kong, explained during the airtime that the regulation of virtual asset providers faces challenges such as cybersecurity, surety of clients’ assets and potential conflict of interest between platforms and clients. Previously, Cointelegraph reported that while the guidelines will become effective in June 2023, the SFC has not approved any virtual asset trading platform servicing retail investors.
CCTV is China’s largest state broadcaster, with various programs catering to an audience of over 1 billion people. Interestingly, nothing overtly negative was said about cryptocurrencies during the 98-second segment. This is in stark contrast to the stringent regulation imposed on cryptocurrencies by authorities in mainland China, which includes a blanket ban on Bitcoin (BTC) mining and cryptocurrency exchanges. However, the ownership of cryptocurrencies is currently allowed.
On April 13, Douyin, the Chinese version of TikTok with over 1 billion users, began publishing cryptocurrency price quotes in its search index. One day later, the price quotes were removed and replaced with a message stating: “Unofficial digital currencies do not possess the same legal standing as fiat currencies. Please invest cautiously."
Some praised the allowance of crypto to be mentioned in state media, including Binance CEO Changpeng Zhao. “It’s a big deal. The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs," he said on Twitter.
CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.— CZ Binance (@cz_binance) May 24, 2023
Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93