In his speech, Seo emphasized the importance of fighting American hegemony and reducing dependence on the US dollar for countries like China.
Recently, Yat Seo, founder of Animoca Brands highlighted China’s influence on the development of cryptocurrency in Hong Kong.
while speaking in Ethereum Community Conference 2023 (EthCC), Siu noted that developments and initiatives in the cryptocurrency industry in Hong Kong are not only driven by domestic considerations, but are part of a broader message emanating from the central government in China.
While mainland China imposed restrictions on cryptocurrencies more than two years ago, Siu believes that the cryptocurrency trend in Hong Kong is not limited to the city-state but reflects the broader shifts taking place in China itself. Seo highlighted his China release Web3 White Paper in May, which is believed to indicate the government’s recognition of Web3 as the future of the Internet.
The executive noted that China’s decision to budget for advancement with Web3 demonstrates the government’s commitment to fostering innovation and adoption of decentralized technologies.
Moreover, he notes that news about cryptocurrency developments in Hong Kong, including plans for retail crypto investments, has garnered widespread attention in China, even appearing on the national TV channel, China Central Television.
Cryptocurrency Payments in China: A Paradigm Shift in Technology
In his keynote speech, Siu expressed his view that Web3 is a powerful tool to challenge the dominance of US technology companies and bring about a paradigm shift in technology.
Siu highlighted potential security risks associated with countries’ heavy reliance on tech giants such as Alphabet Inc (NASDAQ: AAPL), Apple company (NASDAQ: AAPL), and Meta Platforms Inc (NASDAQ: META). He noted that countries such as Japan, South Korea, and China are actively pushing for Web3 adoption as an opportunity to move away from the dominance of US-based technologies.
In his speech, Seo emphasized the importance of fighting American hegemony and reducing dependence on the US dollar for countries like China. Siu believes that Web3 technologies are playing a role in this shift by providing alternative systems that can reduce dependence on USD supremacy worldwide.
Despite the ban on almost all crypto activities officially announced by the People’s Bank of China in 2021, mainland China has continued to make a significant push in the industry. The ban did not completely eradicate crypto mining operations in the country. Recently, the Bank of China announce Partnership with China Telecom and China Unicom, two of the country’s largest telecom operators, to enable offline transactions of digital yuan via SIM cards.
This dynamic has led some cryptocurrency watchers to express hope that China may eventually reconsider its stance and lift the ban, especially in light of Hong Kong’s proactive adoption of crypto-friendly regulations. However, several executives associated with the country, including the CEO of CPIC Investment Management Chenggang Zhou, recently confirmed that China maintains an anti-crypto stance and is expected to remain so for the near future.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications of blockchain technology and innovations to drive public acceptance and global integration of the emerging technology. His desires to educate people about cryptocurrencies have inspired his contributions to popular blockchain-based media and websites. Benjamin Godfrey is a fan of sports and farming.
