Chinese state television just passed DeFi and Ethereum to hundreds of millions of users

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In recent years, Chinese authorities have suffered a heavy crackdown on most cryptocurrencies in the country. At the end of last year, the Shanghai Bank of the People’s Bank of China targeted ICOs, deeming them illegal; earlier this year, local governments were looking to crack down on local Bitcoin and Ethereum mining operations.In the West, the opinion is that China has cracked down on cryptocurrencies in preparation for the deployment of its government-controlled digital currency.

But this point of view can be misinterpreted.

A branch of Chinese state television that has hundreds of millions of viewers recently did a segment on cryptocurrencies in which it discussed Ethereum, DeFi, among other topics.

Chinese State TV just did a segment on Ethereum, DeFi and more

In an unexpected turn of events, China Central Television, a state broadcaster with one billion viewers on its channels, aired a segment on one of its major cryptocurrency channels. Matthew Graham, a China-based crypto-asset investor, sharing the segment broadcast to CCTV2 viewers on its Twitter feed.

Contrary to the sentiment that China is firmly opposed to crypto, the segment reportedly explained how digital assets are the best performing asset class of the year to date, outperforming gold and stocks.

And in a key part of the clip, the anchors discussed Ethereum, mentioning how one of the best in the cryptocurrency markets, having overtaken Bitcoin, XRP, and a number of other premier altcoins. plan.

As to why this is the case, DeFi was cited, as were fiat currency inflation fears.

No report or rough translation of the segment mentions animosity towards the industry despite previous comments and moves from branches and government officials.

A key driver of growth to move forward

A number of industry analysts see the entry of Chinese investors as crucial to DeFi’s growth trajectory.

Andrew Kang, the founder of Mechanism Capital, commented in July of this year, Chinese investment in crypto is its ‘own beast’, presumably referring to the craze of 2017 and 2018 and how China has played a key role in it.

Others made similar comments, highlighting the importance of hundreds of millions of investors and their take on cryptoassets. With DCEP and the latest Bitcoin craze, most are aware of cryptocurrency and basic topics, but will wait for the government or some authority to give instructions on what they should do.

Jason Choi, investor in The Spartan Group, based in Hong Kong, added well the situation in China when he wrote:

“Broke: DeFi is gaining ground, still under 5% of the total crypto market cap. Awake: record QE & stim back on the table, it’s quite an exchange. Tailor-made: 1.2 billion retailers have just heard of DeFi. “

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