China’s version of TikTok, Douyin, is now showing the price of bitcoin in search results.
Given that social media within China is tightly controlled, it is possible that this is another signal that Beijing is warming up to crypto and loosening its control over the digital asset ecosystem. Douyin is the most downloaded short video-sharing platform in China, with 700 million daily active users.
This coincides with Hong Kong opening its door to crypto and China’s state-owned banks reportedly soliciting business from crypto-firms, even though opening an account with one remains a challenge.
"Cryptocurrency platforms are part of the whole Web3.0 ecosystem and we are very supportive of the development of the whole Internet ecosystem," Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Leung Fung-yee said recently during the question-and-answer session at the Boao Forum for Asia Annual Conference 2023. “These virtual currency platforms must protect the safety of all investors from the perspective of investor protection.”
Paul Chan, Hong Kong’s financial secretary also shared this supportive sentiment in a recent blog post.
“In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation’ and ‘promoting development,’” he wrote. “In terms of proper supervision, in addition to ensuring financial security and preventing systemic risks, we will also do a good job in investor education and protection, and anti-money laundering.”
This week the city is hosting the HongKong Web3 Festival which expects more than 10,000 attendees and 300 speakers.
Earlier Tuesday, the price of bitcoin broke through $30,000, a first since June 2022.