Despite the strong opposition to cryptocurrency-related services and trading in China, Douyin, the Chinese version of Tiktok, has now added support for the largest cryptocurrency Bitcoin (BTC) on its app.
Chinese Tiktok Douyin supports Bitcoin
A tweet on Monday by Tron founder Justin Sun showed that the Chinese Tiktok platform now displays the price of Bitcoin on a search result, a move that suggests strong support for the largest crypto by the platform despite an outright ban by the government.
#Bitcoin price is now live on Douyin 抖音 （@tiktok_us in China） pic.twitter.com/sgvdn70LQr— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 10, 2023
Not the first, however. It’s worth noting the new feature on Douyin follows similar support by Twitter last December, as the platform underwent a complete overhaul under its new management led by Elon Musk. In addition to providing real-time bitcoin price charts on search results, Twitter also supported major stocks, and exchange-traded funds (ETFs).
However, the weight of the development today with the Chinese Tiktok app is rather intriguing, considering the state of regulation surrounding cryptocurrencies and related activities in China.
Against the odds
China’s opposing stance on cryptocurrency became crystal clear in 2021, when the People’s Bank of China (PBOC) banned digital currency mining nationwide, driving the fleet of miners in the country elsewhere, which consequently slashed the country’s dominance in Bitcoin mining hash power.
Other crypto-related activities were also banned by the central bank on grounds that the assets pose a risk to the country’s economic stability. Thus, it’s safe to mention that the new feature on Douyin is against the odds, but marks a strong interest in cryptocurrency in China still, given the app reportedly records more than 400 million users daily.
Unlike Twitter, Douyin displays the Bitcoin price against the yuan rather than the US dollar, which although typical of a Chinese app, also brushes on the ongoing global de-dollarization trend. With Chinese regions like Hong Kong turning to cryptocurrency lately, China could begin to soften its stance on crypto, giving rise to crypto markets denominated by the yuan.