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Is China flirting with crypto?



China’s hostility to crypto was first demonstrated when the People’s Bank of China banned all crypto exchanges in 2017, before moving to ban crypto transactions and the mining of crypto in September 2021.

But is China warming up to crypto again? The Beijing Municipal Science & Technology Commission released the Web3 Innovation and Development White Paper hinting at a move towards promoting crypto usage. The white paper cites Web3 as an “inevitable trend for future Internet industry development” and plans to spend about $14 million annually until 2025 to promote the domestic Web3 sector, the Metaverse and NFTs.

Meanwhile, Hong Kong’s securities regulator, the Securities and Futures Commission, has opened up crypto investment to retail investors as of June 1.
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