“If the U.S. Congress and the incoming President Trump clarify cryptocurrency policies, continue to legislate and promote the development of the industry, this will definitely become a driving force for China to accept (cryptocurrency),” Xiao Feng, chairman and CEO of HashKey Group, said in an interview, according to the South China Morning Post.
Xiao Feng believes that Washington and its Western allies' exclusion of Russia from the Swift financial messaging system in 2022 could also prompt Beijing to support the cryptocurrency industry. "If these events hadn't happened, China might have needed five to six years from now to accept cryptocurrency businesses. But now, due to these factors, this time frame may be shortened to two years," he said. The Chinese government has so far shown no signs that it might relax 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 can 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 that his HashKey team recently conducted a survey in Yiwu and found that almost all merchants had received inquiries from buyers about whether they could use popular US dollar stablecoins such as USDT and USDC for payment.
