A crypto video was aired on CCTV Network Hong Kong, which made many speculate about crypto support by China. However, the video has been removed from the platform.
CCTV, a state-affiliated media organization in China, aired a video about cryptocurrency on May 24 that attracted significant attention on Crypto Twitter.
The CEO of Binance, Changpeng “CZ” Zhao, referred to it as a “big deal” and claimed that similar coverage in the past “led to bull runs.”
The CCTV network removed the video from its platform just one day after CZ’s comment. The video program discussed recent developments in Hong Kong regarding cryptocurrency compliance.
It also featured a Solana-based memecoin that was a pump-and-dump scheme.
Hong Kong recently announced that licensed virtual asset platforms would be permitted to provide services to retail merchants.
While the announcement paved the way for retail traders to trade cryptocurrencies in the country legally, the Securities and Futures Commission has yet to approve any platforms that provide these services.
China imposed a blanket ban on all cryptocurrency-related activities in 2021, which is the basis for CZ’s claim that China’s state-affiliated media company discussing crypto is a significant deal.
Nonetheless, recent positive developments in Hong Kong, a special administrative region of China, have inspired new crypto-related rumours.
Positive crypto developments in Hong Kong have already begun to influence the Chinese market, with China’s state-owned Greenland seeking a virtual asset trading license in Hong Kong.
China has maintained an antagonistic posture toward all foreign cryptocurrencies, promoting the digital yuan as its central bank digital currency (CBDC).
China was among the first nations to begin developing a CBDC. Although it has not been officially introduced, millions of Chinese citizens use the digital yuan through various government programs.