Beijing has not given any hints that it is moving away its core focus from the state-administered virtual currency.
Xiao has his own belief that geopolitical factors such as the United States commanding Authorization on Russia for its capture of Ukraine could promote a repositioning of China.
China has introduced a payment card powered by the central bank’s digital currency. The function of this card is similar to that of a traditional debit or credit card.
The chairman of Hashkey Group, Xiao Feng has stated that the pro-crypto rules of the newly elected president Donald Trump may ultimately cause China to rethink its opinion and stand over virtual assets. The chairman made this statement during an interview with the South China Morning Post.
The chairman has further mentioned that if Washington gives a promise to encourage the crypto industry then it will step up the timeline of Beijing for acquiring crypto businesses.
In spite of China having so far banned crypto trading, mining as well as initial coin offerings, Xiao has his own belief that geopolitical factors such as the United States commanding authorization on Russia for its capture of Ukraine could promote a repositioning of China.
The Chairman’s view
The chairman of Hashkey Group further stated that maybe China requires at least five to six years from the current scenario to acknowledge these events happening. However, now due to these things, the time duration could be reduced to two years.
In the campaign, Trump has promised in his campaign to place the United States as a leader of the world in the crypto industry, specifically, he has promised his citizens to make the crypto capital of the planet and break up the obstacles created by the regulators which is often referred to as anti-crypto.
In the opinion of the chairman, this will work as a potential catalyst for a probable shift in China. It has also given treatment to cryptocurrencies as a threat to financial stability and also it has been seen as a core source of illegal activity.
The new payment card
At the same time, Beijing has not given any hints that it is moving away its core focus from the state-administered virtual currency. In the current scenario, China has introduced a payment card powered by the central bank’s digital currency. The function of this card is similar to that of a traditional debit or credit card.
Also, the card shows effective QR codes for initiating payments as well as real-time balance updates.