In a rare move, a Shanghai regulator just held a meeting on stablecoins and digital currencies. Is China warming up to crypto?
While Shanghai has held this meeting, it’s unclear whether it will lead to something tangible, considering hurdles remain in the form of China’s strict capital controls. As mentioned earlier, crypto received a ban in the nation in 2021. Both trading and mining activities were put to a stop, citing concerns about the stability of the financial system.
By the start of 2022, however, the BTC computing power had already bounced back, suggesting that while the ban initially dealt a serious blow, the network quickly made a full recovery. Growth in the mining industry has continued since then, and today the global Hashrate stands at a level roughly five times the pre-ban figure.
While China may have locked itself out of crypto, the sector has still continued to thrive globally. With Bitcoin setting yet another record after crossing $118,000, perhaps the worldwide momentum may now be becoming too big for the nation to ignore.
Bitcoin saw a breakout to a new all-time high Wednesday, but the digital asset has taken it up a gear over the past day as its price has shot up over 6%.
