China Central Television (CCTV), the national television broadcaster of the Asian giant just broadcasted cryptocurrency. The update was shared by Changpeng โCZโ Zhao, the Chief Executive Officer of Binanceย Cryptoย exchange cryptocurrency trading platform who pointedย outย that the Television stationโs broadcast is โa big deal.โ
CCTV (China Central Television) just broadcasted cryptocurrency. Itโs 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.
โ CZ ๐ถ Binanceย Cryptoย exchange (@cz_binance) May 24, 2023
The highly vocal cryptocurrency leader notedย that this sort of broadcast has shown to historically lead to bull runs. CZ stated he was not implying that the past predicts the future, onย theย otherย hand, seeingย as the state which the digitalย currency ecologicalย system is in atย thisย time, such positiveย tendency events can be the trigger that the market hasย toย recover.
China has a very rich history when it concerns the evolution of the digitalย currency ecologicalย system. The country inย theย previous decade has maintained a bitter-sweet relationship with the nascent industry, an affair that negatively climaxed when the country banned all forms of cryptocurrency transactions back in 2021.
The ban caused a major stir in the cryptocurrency ecologicalย system at the time with the Peopleโs Bank of China (PBoC) banning all financial institutions in the country from supporting digitalย currency related transactions. The ban at the time likewise forced all Bitcoinย (BTC) miners operating in the country to exit the region, an exodus that resulted in a wholeย lotย of plunge in the Bitcoin 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 canย potentially indicate the countryโs renewed interest in embracing the technology under a controlled environment with definitive regulations.
Hong Kong, once known as a major cryptocurrency hub is doing all it can to return back to its glory days and is attemptingย to scale back its regulations such that retail investors can start trading cryptocurrency like Bitcoinย (BTC) and Ethereumย (ETH) (ETH).
The tendency in Hong Kong has been tagged a subtle experiment for mainland China to see whether or not itย canย potentially rein in the affairs of cryptocurrency service providers through thoughtful regulations. China represents a very substantial market for the cryptocurrency ecologicalย system and China reviving its interest couldย be a big deal for all stakeholders.
