Recently, an industry veteran said that as competition between China and the United States continues to escalate, U.S. President-elect Trump has pledged to support the cryptocurrency industry, which may provide new impetus for mainland China to revitalize its digital asset market. (Preliminary summary: China's new stimulus policy is weak, A-shares fell after rising high, and the People's Bank of China proposed five major goals to rescue the market) (Background supplement: China takes another move to save the economy! It will spend 10 trillion yuan to ease the local debt crisis) Chairman of HashKey Group CEO Xiao Feng said in an interview with the (South China Morning Post) last week: "If the U.S. Congress and the (new) president clarify encryption policies, continue to legislate and promote the development of the industry, this will definitely become a push for mainland China to accept (cryptocurrency) Xiao Feng also said that actions by Washington and its Western allies in 2022 to cut off Russia's access to the Swift financial information system as part of a package of sanctions aimed at forcing Moscow to abandon its invasion of Ukraine may also help. Convince China to support the cryptocurrency industry. "If these events don't happen, it may take five or six years for China to accept cryptocurrency business," he said. "But now, due to these factors, that time frame may be shortened to two years." Over the past few years, mainland China has strictly banned initial coin offerings, cryptocurrency trading and mining, and other cryptocurrency-related businesses because it is currently One area is considered a threat to financial stability and a breeding ground for criminal activity. Xiao Feng’s remarks reflected the renewed enthusiasm in the cryptocurrency field after Trump won the election. During his campaign, Trump vowed to make the United States the center of the digital asset industry, including establishing a "strategic national Bitcoin reserve" and eliminating regulatory agencies seen as anti-cryptocurrency. Despite this, China has so far not indicated that it may relax its ban on digital assets. However, Beijing has allowed Hong Kong to continue to develop its digital asset industry. Xiao Feng said that if we want to restore the development of the digital asset market, we can start by establishing a payment and clearing system based on regulated stable coins. A stablecoin is a fixed-price cryptocurrency whose market value is pegged to some fiat currency such as the U.S. dollar or euro. “Stablecoins are currently the best solution for cross-border business-to-consumer trade,” he said, partly because of fast transaction times and low fees. In addition, he also said that the HashKey team recently conducted a survey in Yiwu, a manufacturing and trading center in mainland China, and found that almost all merchants received inquiries from buyers whether they could use popular U.S. dollar-based stablecoins such as USDT and USDC. Payment. Xiao Feng’s insights are based on his experience in the banking and financial industry before getting involved in digital assets. He has held senior positions in the Shenzhen Branch of the People's Bank of China and the Shenzhen Office of the China Securities Regulatory Commission. In 1998, he founded Boshi Fund Management Company, one of China's largest fund companies, and worked in the traditional securities industry for several years. He joined Wanxiang Group Corporation in 2011 and subsequently founded the group’s digital asset arm HashKey in Hong Kong in 2018. HashKey operates HashKey Exchange, one of Hong Kong’s licensed cryptocurrency exchanges, as well as other cryptocurrency and blockchain businesses. The company, which operates across venture capital, tokenization and blockchain infrastructure solutions, is expected to launch its own blockchain, HashKey Chain, next month. HashKey has been expanding its business in Asia and other markets around the world. The company currently has about 300 employees at its Hong Kong headquarters, 50 in Singapore and 11 in Tokyo. Xiao Feng said the company also has teams in Dubai, Bermuda and Europe. While many cryptocurrency companies are relocating to other jurisdictions such as Dubai and Singapore, HashKey remains committed to Hong Kong. "Only by staying in Hong Kong can we provide services to the mainland when the mainland market opens," he said. "We firmly believe that day will come." Related reports: Trump won the election and "heavy devaluation of the renminbi" caused the largest drop in four years, warning China's central bank to intervene Arthur Hayes' 10,000-word article: China's "epic level of water release" will eventually cause hot money to flow to Bitcoin Wall Street Journal: China's wealthy flee US$254 billion a year, and cryptocurrencies and art have become regulatory blind spots. "Xiao Feng: Trump's support for Crypto may allow China to resume its digital asset market." This article was first published on BlockTempo ( DongZuDongTren - the most influential blockchain news media).