In less than 24 hours, the price of Bitcoin and other major cryptos in this market was displayed on Douyin. This is the TikTok social network that offers an exclusive version for the People’s Republic of China and is heavily monitored by the government. According to professional media reports, this novelty happened on April 10.
The first reaction is speculation, considering that anything to do with cryptocurrencies is punishable in the country. Among cryptocurrency enthusiasts, expectations have arisen that Beijing may ease its tough measures on the industry.
Since 2021, any type of Crypto currency transactions have been penalized in the Asian country. Therefore, transactions between cryptocurrencies or between cryptocurrencies and fiat currencies, as well as transactions with NFTs and related activities are punished. Therefore, the price characteristics of these assets in social networks are very surprising both inside and outside communist countries.
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But the authorities’ dreams of moving to a looser grip on bitcoin and other cryptocurrencies were quickly dashed. In this sense, the platform retracted all price tags within 24 hours of placing them, considering it has more than 750 million users in the country.
Among the currencies that stand out on the display, some important ones like Bitcoin, Ethereum, Dogecoin, and Ripple stand out. The fact that hundreds of millions of people saw this display could have a positive impact on this Crypto marketplace. So far, the groundbreaking Crypto currency has remained in the $30,000-per-unit range.
It should be taken into account that the popularity of social networking in China is overwhelming. It is a TikTok twin platform launched by parent company ByteDance, with exclusive features for Chinese users. As mentioned earlier, the number of users is close to 750 million, which indicates that a large proportion of them have been exposed to cryptocurrency information.
It is worth mentioning that the maximum pressure measures on crypto such as Bitcoin have not been extended to the whole country. For example, in Hong Kong, an autonomous province belonging to China, authorities are more open to these crypto assets. In fact, the provincial government wants to turn the region into a global cryptocurrency hub.
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Although the displayed prices of Bitcoin and other cryptocurrencies caused considerable sway among users of the social network, they did not last long. Within 24 hours, the platform decided to withdraw them, leaving a message warning of the dangers of investing in cryptocurrencies. At this point, the outside world’s doubts about the authorities’ iron-fisted attitude towards such assets have been easily resolved.
According to relevant national regulations, unofficial cryptocurrencies do not have the same legal status as legal tender. Invest with caution, platforms read after tearing off sensational labels. On the other hand, the last part of the message, “invest cautiously,” if properly translated from Chinese, leaves room for hope.
Beijing authorities view cryptocurrency trading as an activity that threatens the stability of the financial system. Governments have been working with central bank cryptocurrencies for years, and they are reluctant to admit competition.
The latter explains the unfriendly attitude towards Bitcoin and other cryptos that the market prefers. Until 2021, China is the center of global cryptocurrency activity, whether in the field of exchanges, platforms or Crypto mining. Since then, thousands of entrepreneurs in the industry have been forced to leave the country.
While governments are hostile to these assets, they are more friendly to the underlying technology, blockchain.
Douyin, the Chinese version of TikTok, shows price updates for Bitcoin and other cryptocurrencies for about 24 hours.
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The Argentine government recently announced that it will launch Latin America’s first bitcoin futures index in May.
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Source of information: Compiled from CRYPTOTENDENCIA by 0x Information.Copyright belongs to the author, without permission, may not be reproduced