Tether Co-Founder Optimistic About China’s Crypto Acceptance

The co-founder of Tether (USDT), the world’s largest stablecoin by market cap, recently expressed optimism about China's eventual acceptance of cryptocurrencies.

Brock Pierce, according to a report from the South China Morning Post, believes that despite China’s historical ban on crypto-related activities, the country will eventually recognize digital assets as legitimate.

Pierce emphasized the inevitability of China opening up to cryptocurrencies, stating, “Is China going to open up [to cryptocurrencies]? … I’d say it’s inevitable. The question is not so much if, it’s a matter of when.”

He also highlighted Hong Kong’s advancements in crypto regulations, especially with the Securities and Futures Commission (SFC) providing clear guidelines for investors.

Pierce sees potential in Hong Kong’s trade finance sector (tradefi), suggesting that a digital dollar stablecoin in Hong Kong could have significant opportunities.

However, Pierce’s comments coincide with challenges faced by crypto exchanges associated with mainland China seeking licenses in Hong Kong.

Some have withdrawn their applications due to regulatory measures introduced by the SFC last year, which restrict licensed digital asset exchanges in Hong Kong from serving mainland Chinese citizens.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.