China's Crypto Embrace 'Inevitable' Says Tether Co-Founder
CryptoNewsTerminal Staff03 Jun, 2024
China's Crypto Embrace 'Inevitable' Says Tether Co-Founder
Tether (USDT) co-founder Brock Pierce predicts that China's stance on cryptocurrencies will soften, as reported by the South China Morning Post (SCMP). "China banned almost everything crypto-related a few years back. But I believe it's inevitable that they'll open up to it for their people," he stated, emphasizing that "it's not a question of if, but when." Pierce expressed his view that Hong Kong is strategically positioned to benefit from China's potential crypto liberalization due to its proximity to the mainland market. He acknowledged, however, that Hong Kong's stringent licensing requirements for virtual asset providers may need to be relaxed over time. "Pierce has a long history with Hong Kong. He initially used the city as a hub for his internet gaming and entertainment ventures and later launched Tether there. Currently, he is exploring the establishment of a new company but declined to specify its nature or potential Hong Kong base," the SCMP noted.
