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‘Inevitable’ – Tether Co-Founder Says China Is Going To Open Up to Crypto: Report

June 03, 2024

The co-founder of Tether (USDT), the world’s largest stablecoin by market cap, reportedly says it’s “inevitable” that China will reverse course and open up to crypto assets.

According to a new report by the South China Morning Post, Tether co-founder Brock Pierce says that China – which banned all crypto-related commercial activity years ago – will eventually recognize digital assets as legitimate.

“Is China going to open up [to cryptocurrencies]? … I’d say it’s inevitable. The question is not so much if, it’s a matter of when.”

Pierce goes on to note that he’s also interested in Hong Kong as its financial authority, the Securities and Futures Commission (SFC), recently passed clear crypto guidelines for investors, also pointing out the region has potential in trade finance (tradefi).

“I think Hong Kong is ahead in many ways. I think the main opportunity in Hong Kong is in tradefi and that’s where a Hong Kong digital dollar stablecoin has tremendous potential.”

Pierce’s comments come as many crypto exchange platforms with ties to mainland China looking to become licensed in Hong Kong withdrew their applications due to regulations introduced last year by the SFC.

According to the report, last week, the SFC said that digital asset exchanges licensed in Hong Kong should not be serving citizens of mainland China.

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