According to the South China Morning Post, HashKey Group Chairman and CEO Xiao Feng said in an interview: "If the U.S. Congress and incoming President Trump clearly define cryptocurrency policy, continue legislating, 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' exclusion of Russia from the Swift financial messaging 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 businesses. But now, due to these factors, this 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 wants to resume the development of 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 said his HashKey team recently conducted a survey in Yiwu and found that nearly all merchants had received inquiries from buyers asking whether they could make payments using popular dollar-denominated stablecoins such as USDT and USDC.
