As the city of Hong Kong once again opens up to cryptocurrencies, several local blockchain companies have been approached by Chinese banks. Is this an additional sign testifying to the change of attitude of China?
Chinese banks are interested in cryptocurrency companies in Hong Kong
Since the birth of Bitcoin (BTC), China has always had an ambiguous relationship with the crypto ecosystem. However, the special administrative region (SAR) of Hong Kong is once again opening up to cryptocurrencies while they are still officially banned from the country, and this is illustrated in particular by blockchain companies in the territory which were approached by Chinese banks.
In any case, this is what was reported by our colleagues at Bloomberg, who cite in particular Bank of Communications, Bank of China, as well as Shanghai Pudong Development Bank, all three listed on the Shanghai Stock Exchange (SSE).
For a few months, these banks would thus have started offering their services to Hong Kong crypto companiesor at least prospected in the industry.
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An ironic situation
This situation is quite ironic, when we know the difficulties that companies in the sector can encounter, when it comes to finding a banking partner. Sung Min Cho, CEO and founder of the Web3 messaging service beoble, goes in this direction:
“[Ceci]means a lot to us because it’s something you would never expect at this point, even anywhere else in the world. A cryptocurrency account in a traditional finance bank is something revolutionary. Ā»
While we have observed Hong Kong’s renewed interest in cryptocurrencies for some months, this could be a harbinger a gradual return of China to center stage while at the same time, its American rival has hardened its tone in recent weeks.
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Source: Bloomberg
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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