On May 24, Binance Crypto exchange CEO Changpeng Zhao, likewise known as CZ, shared through Twitter that “Chinese speaking communities are buzzing” following a news broadcast by state-operated media network China Central Television (CCTV) regarding Hong Kong’s latest cryptocurrency-focused regulatory policy.
CCTV’s Coverage of Hong Kong’s Cryptocurrency Regulations Sparks Excitement, Reveals Binance Crypto exchange CEO; Nanxin University Launches Metaverse network Platform
This coming week CZ emphasized that the coverage of digital currencies by CCTV is whole lot of, especially seeing as that cryptocurrency investment enterprises were prohibited in China in September 2021. The Binance Crypto exchange boss stated: “CCTV (China Central Television) just broadcasted cryptocurrency — It’s a big deal — The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He likewise pointed out that he wasn’t suggesting the “past predicts the future” and his statement was “not financial advice.”
The specific CCTV segment CZ referred to centers on Hong Kong‘s regulatory approach for virtual investment service providers (VASPs). These entities must comply with the regulations by June 1, 2023, and the regulations do not reflect a “light-touch regulation” philosophy. Following CZ’s comment, one Twitter user observed: “It is not necessarily a bull market when there are Chinese people involved, but it is definitely not a bull market when there are no Chinese people involved.”
CZ admitted he could not dispute this observation. Along with the CCTV report, Nanxin University established the China Metaverse network Technology and Application Innovation Platform just two days prior. The university’s president Li Beiqun expressed enthusiasm about metaverse network development, asserting that the metaverse network platform would encourage progress in metaverse-related fields.
During the event, metaverse network platform creators unveiled an augmented reality (AR) map of their platform. It was added that the China Metaverse network Technology and Application Innovation Platform is part of the government-supported China Industry-University-Research Participation Promotion Association initiative. Nonetheless, following last year’s metaverse network hype wave, interest in the concept has been overshadowed by attention toward artificial intelligence (AI) software such as Openai’s chatgpt.