Hong Kong is losing Asian finance hub race to Singapore due to COVID and other CCP policies. With all the early crypto exchanges fleeing Hong Kong along with top talent. This is China’s back door way to get back into the crypto space and to wind down their USD balances. How? Getting common Chinese to sell CNY to buy USD to buy Bitcoin and the Chinese central bank buys CNY with USD. To keep CNY stable
Arthur Hayes just wrote his opinion on this
https://entrepreneurshandbook.co/comeback-fda90ba9067
TLDR
Hong Kong is losing Asian finance hub race to Singapore due to COVID and other CCP policies. With all the early crypto exchanges fleeing Hong Kong along with top talent. This is China’s back door way to get back into the crypto space and to wind down their USD balances. How? Getting common Chinese to sell CNY to buy USD to buy Bitcoin and the Chinese central bank buys CNY with USD. To keep CNY stable
If they did that, it would go against the CCP right? Isn't this just Hong Kong asking for trouble?
the ccp might be ok with it, they might have changed their mind. President XI is a good guy
Lmao Xi is just saving face. In the end he wants only Botcoin for the elite but not for the common people. Don't fool yourself. ☝🏻