Changpeng Zhao Believes China May Soften its Stance on Cryptocurrencies
The Chinese authorities have prohibited all types of cryptocurrency operations since 2017, and the People’s Bank of China and the Communist Party have continually warned businesses and retail investors against investments involving Bitcoin and other virtual currencies in 2021-2022.
Additionally, banks are not allowed to service accounts linked to the cryptosphere.
Despite this, Changpeng Zhao, the CEO of Binance, believes that Beijing is slowly heading towards a change of attitude as seen by the Central Bank licensing crypto companies in Hong Kong.
On Twitter, Zhao wrote that if the Chinese authorities enact a similar measure, the digital currency market will enter a “bullish phase.”
He believes that adapting the Hong Kong licensing model would open up the capital that is currently accumulated in different assets.
