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China Central Television (CCTV), the national television broadcaster of the Asian giant just broadcasted crypto. The update was shared by Changpeng ‘CZ’ Zhao, the Chief Executive Officer of Binance crypto trading platform who noted that the TV station’s broadcast is “a big deal.”
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.
Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93
— CZ 🔶 Binance (@cz_binance) May 24, 2023
The highly vocal crypto leader pointed out that this sort of broadcast has shown to historically lead to bull runs. CZ said he was not implying that the past predicts the future, however, considering the state which the cryptocurrency ecosystem is in right now, such bullish events can be the trigger that the market needs to recover.
China has a very rich history when it concerns the evolution of the digital currency ecosystem. The country over the past decade has maintained a bitter-sweet relationship with the nascent industry, an affair that negatively climaxed when the country banned all forms of crypto transactions back in 2021.
The ban caused a major stir in the crypto ecosystem at the time with the People’s Bank of China (PBoC) banning all financial institutions in the country from supporting digital currency related transactions. The ban at the time also forced all Bitcoin miners operating in the country to exit the region, an exodus that resulted in a significant plunge in the BTC mining hashrate at the time.
Making Sense of the China Central Television Broadcast
Since the update went viral, there have been a number of interesting assumptions from commentators regarding this event. The broadcast might indicate the country’s renewed interest in embracing the technology under a controlled environment with definitive regulations.
Hong Kong, once known as a major crypto hub is doing all it can to return back to its glory days and is trying to scale back its rules such that retail investors can start trading crypto like Bitcoin and Ethereum (ETH).
The trend in Hong Kong has been tagged a subtle experiment for mainland China to see whether or not it could rein in the affairs of crypto service providers through thoughtful regulations. China represents a very massive market for the crypto ecosystem and China reviving its interest may be a big deal for all stakeholders.
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