China’s state-affiliated media company CCTV aired a video about cryptocurrency on May 24 that garnered a lot of attention on Crypto Twitter. Binance CEO Changpeng “CZ” Zhao called it a “big deal” and claimed that historical coverages like these “led to bull runs.”
Just a day after CZ’s comment, the CCTV network removed the video from its platform. The video program discussed recent developments around cryptocurrency compliance in Hong Kong. It also featured a Solana-based memecoin that turned out to be a pump and dump scheme.
Hong Kong recently announced that it would allow licensed virtual asset platforms to offer services to retail traders. While the announcement made way for retail traders to legally trade crypto in the country, the Securities and Futures Commission has yet to approve any crypto platforms offering those services.
CZ’s assertion that China’s state-affiliated media company talking about crypto is a big deal arises from the fact that China imposed a blanket ban on all cryptocurrency activities in 2021. However, recent positive developments in Hong Kong — a special administrative region of China — have sparked new speculation about its crypto stance.
The positive crypto developments in Hong Kong have already started to influence the Chinese market, with China’s state-owned Greenland looking to apply for a Hong Kong virtual asset trading license.
China has maintained a hostile stance toward all forms of foreign cryptocurrencies, instead promoting its central bank digital currency (CBDC), the digital yuan. China was among the first countries to start developing a CBDC, and although not yet officially launched, the digital yuan is actively used by millions of citizens through various government programs.