China TV Broadcast ‘Big Deal’ for Crypto
A segment on Chinese state television about crypto has caught the attention of the cryptoverse, with Binance CEO Changpeng Zhao (CZ) pointing out that similar reporting in the past has triggered bull runs.
“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 told his 8.4 million Twitter followers on Wednesday.
“Not saying past predicts the future. And not financial advice,” he added.
The segment referred to by CZ aired on China’s CCTV channel on May 23, and focused on a new mandatory licensing scheme for crypto trading platforms in Hong Kong.
Among other things, the segment said companies offering crypto-related services in Hong Kong must apply for a license from the Hong Kong Securities and Futures Commission by June 1, when new crypto guidelines come into effect in the city.
The TV segment was initially available on CCTV’s website, but appeared to have been deleted at the time of publishing.
Hong Kong new hub for crypto?
Hong Kong has recently taken upon itself to become a new center for crypto activities, with the partially self-governed city hosting several conferences this year where it welcomed crypto firms from around the world to relocate there.
On the Chinese mainland, however, mining, trading, and most other uses of crypto have been banned since 2021.
Back on Twitter, CZ’s comment was also picked up by the Chinese crypto entrepreneur and Tron founder Justin Sun, who said the segment “could very well lead to an increased awareness and curiosity about cryptocurrencies.”