HashKey Xiao Feng: Trump's support for cryptocurrency could prompt China to revive its digital asset market
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HashKey Xiao Feng: Trump's support for cryptocurrency could prompt China to revive its digital asset market
HashKey Group Chairman and CEO Xiao Feng said in an interview: "If the U.S. Congress and President-elect Trump clearly define cryptocurrency policy, continuously pass legislation, and promote industry development, this will certainly become a driving force for China's acceptance of cryptocurrency." Xiao Feng believes that Washington and its Western allies excluding Russia from the Swift financial system in 2022 may also prompt Beijing to support the cryptocurrency industry. He said: "Without these events, it might have taken China another five to six years from now to accept cryptocurrency business. But now, due to these"
Navigating Web3 tides with focused insightsAccording to the South China Morning Post, Xiao Feng, chairman and CEO of HashKey Group, said in an interview: "If the U.S. Congress and incoming President Trump clearly define cryptocurrency policy, continuously pass legislation, and drive the development of the industry, this will certainly become a driving force for China's acceptance (of cryptocurrencies)."
Xiao Feng believes that Washington and its Western allies' move in 2022 to exclude Russia from the Swift financial messaging system may also prompt Beijing to support the crypto industry. He said: "Without these events, it might have taken China another five or six years from now to accept cryptocurrency business. But now, due to these factors, that timeline could be shortened to two years." The Chinese government has so far shown no signs of potentially relaxing its ban on digital assets. However, Beijing has allowed Hong Kong to develop its digital asset industry. Xiao Feng said that if China were to resume developing its digital asset market, it could start with a payment and clearing system based on regulated stablecoins. "Stablecoins are currently the best solution for cross-border business-to-consumer trade," he said, citing reasons such as fast transaction speeds and low fees.
Xiao Feng added that his HashKey team recently conducted a survey in Yiwu and found that almost all merchants had received inquiries from buyers asking whether they could pay using popular U.S. dollar-pegged stablecoins such as USDT and USDC.
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