As the world goes digital, cryptocurrencies have become a hot topic for governments, financial institutions and investors. According to a new report from Bloomberg, Hong Kong is trying to become an important player in the crypto money world with the support of China in this direction. Here are the top Chinese coins that will attract more investors in the coming weeks…
China quietly supports Hong Kong’s bid to become a cryptocurrency hub
According to a recent report from Bloomberg, officials from the China Liaison Office are attending cryptocurrency meetings in Hong Kong as invited guests. These officials are reportedly taking a friendly stance towards cryptocurrency projects, noting that China could support Hong Kong’s ambitions to become a cryptocurrency hub in Asia.
This support was particularly important given Hong Kong’s special legal status within China. The city will use its own legal system and market operations to test cryptocurrency services, similar to how China tested open market operations in the 20th century. As long as regulations are not violated and China’s financial stability is not threatened, Hong Kong is free to pursue its own goals within the framework of “one country, two systems”.
Hong Kong enforces its own cryptocurrency rules
The Hong Kong Securities and Futures Commission (SFC) has taken steps towards this goal by proposing schemes that allow investors to trade in large volumes of cryptocurrencies. The proposal states that investors will be able to trade cryptocurrencies on licensed exchanges that comply with safeguards and risk minimization. However, the SFC has yet to provide a list of which cryptocurrencies and tokens will be included in this plan.
All in all, as China’s stance on crypto becomes clearer, it will be interesting to see how it will affect the future of cryptocurrencies in the country. As Kriptokoin.com, we mentioned that the most recent crypto rally is related to the monetary policy of the Chinese government. With all these moderate moves from the Asian country, China-linked altcoin projects seem to be gaining momentum. Here are the Chinese coins you can follow in the coming periods…
Chinese coins that can benefit from the pump
Andrew Kang of Twitter recently listed altcoin projects that could stand out in the Chinese pump. Here are the main Chinese coins whose team or currency has links with China:
- Filecoin (FIL)
- Conflux (CFX)
- Polkadot (DOT)
- VeChain (VET)
- Measurable Data Token (MDT)
- Eos (EOS)
- Internet Computer (ICP)
- Cortex (CTXC)
- Klayn (KLAY)
- Alchemy Pay (ACH)
- BNB Coin (BNB)
- Cocos-BCX (COCOS)
- Ethereum (ETH)
Countries are causing volatility in the cryptocurrency market with significant steps to issue central banks’ stablecoins (CBDC). In this article, we have covered in detail what you can expect from a bull market called the China Pump.
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