China Central Television (CCTV), the national television broadcaster of the Asian giant just broadcasted cryptocurrency. The update was shared by Changpeng ‘CZ’ Zhao, the Chief Executive Officer of Binance Crypto exchange cryptocurrency trading platform who pointed out that the Television station’s broadcast is “a big deal.”
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.
Not saying past predicts the future. And not financial advice.
— CZ 🔶 Binance Crypto exchange (@cz_binance) May 24, 2023
The highly vocal cryptocurrency leader noted 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, on the other hand, seeing as the state which the digital currency ecological system is in at this time, such positive tendency events can be the trigger that the market has to recover.
China has a very rich history when it concerns the evolution of the digital currency ecological system. The country in the 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 ecological system at the time with the People’s Bank of China (PBoC) banning all financial institutions in the country from supporting digital currency related transactions. The ban at the time likewise forced all Bitcoin (BTC) miners operating in the country to exit the region, an exodus that resulted in a whole lot 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 can potentially indicate the country’s 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 attempting to scale back its regulations such that retail investors can start trading cryptocurrency like Bitcoin (BTC) and Ethereum (ETH) (ETH).
The tendency in Hong Kong has been tagged a subtle experiment for mainland China to see whether or not it can potentially rein in the affairs of cryptocurrency service providers through thoughtful regulations. China represents a very substantial market for the cryptocurrency ecological system and China reviving its interest could be a big deal for all stakeholders.