Is China building a global Bitcoin and crypto trading hub? They're up to something in Hong Kong.
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- เผยแพร่เมื่อ 6 พ.ค. 2024
- Beginning last April, several of China's largest state-owned banks operating in Hong Kong opened accounts for major cryptocurrency firms.
China has banned the use of Bitcoin and other cryptocurrencies for most users in Mainland China. They are also rolling out the Digital Yuan, the world's first major digital currency. So crypto currency insiders were pleasantly surprised to see Chinese banks in HK leading the way in providing traditional banking services to crypto users.
The benefits to China are obvious, and huge, if they can make the system work in Hong Kong, while still insulating their RMB-denominated Mainland banking system from Bitcoin's wild price fluctuations. The advantages could be immense for Mainland China companies and factories, who via China's Hong Kong banks can invoice customers around the world in Bitcoin, and be paid in RMB.
Resources and links:
Wall Street Journal, Hong Kong Banks Are Netting Crypto Customers as City’s Push Gains Steam
www.wsj.com/articles/hong-kon...
Bloomberg, Chinese Banks Court Crypto Firms in Hong Kong After Mainland Ban
www.bloomberg.com/news/articl...
Valuation estimates for Bitcoin, other cryptos held globally
www.investopedia.com/tech/how... - วิทยาศาสตร์และเทคโนโลยี
This channel has become a must for me every day. I cant understate how much I learn from it
This is one country two systems at its best. Have the cake and eat it too. Retain insulation while a player in the game
Never looked at it that way. Excellent pov
not a easy path to walk though, you have to deal with the contradiction between the 2 system. But the only correct and just way to prosper is the hard way.
So excited for China and Russia.
They are building up Hong Kong.
Immunising HK from possible future USA led sanctions on HK
And now u know d beauty of "1 Country, 2 Systems".
Avoid sanctions from US.
So, Mainland China companies and factories can invoice customers around the world in Bitcoin, and be paid in RMB, without Joe, Antony and Janet knowing anything about the parties to, the contents of, the scale of, the values involved in, and the time of occurrence of the transactions, as well as whether the transactions ever took place.
Kevin, you surely bring to us rather fascinating stories these days.
I think Mainland China factory will issue invoice in RMB rather than Bitcoin, it is too volatile for any business transaction purpose. But the China bank in HK can be a one stop shop for buyer to convert their Bitcoin into RMB and pay to Chinese factory directly. They can do it because they have RMB and huge foreign trade surplus/reserve.
The US bans Bitcoin and the whole thing falls apart instantly
Thought provoking insight. This move will reinvigorate Hong Kong as a major global financial centre. Hong Kong's trading hub could be one of several essential systems to disable weaponized SWIFT. Countries threatened by hegemonic financial sanctions must open branch offices in Hong Kong to connect with the crypto trading hub.
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Kevin, thanks for your channel! It's like grad school. Keep up the good work! Love your backgrounds and ending videos too!
Thanks for the information Bro 😀👊
A very good piece of information. Thanks for the unique reporting.
Smart move.
bye bye SWIFT
Nice 😃👋
Right now it's extremely expensive to convert fiat to bitcoin and vice versa. How about $300 to convert $10k fiat to btc! Ridiculous!
And it costs $120 to move the $10K across the world via the US Swift monopoly bankster system. Compared to zero to move crypto. No wonder the US financial system is destined for the dustbin of history. So is the US too, btw.
Very smart. So rather than having say Bitcoin as the day-to-day medium of exchange within China, which would convolute things alongside the use of the Yuan, treat as they would as yet another foreign currency of sorts: Just because we're not using it within our own economy, doesn't mean we won't do business and trade with others who want to pay in Bitcoin.
Great information and update as always.
Hong Kong started offering Bitcoin and cryptocurrency trading not for profit, but to maintain Hong Kong’s position in the financial market. This is a strategy that Hong Kong has just calculated out in response to the US sanctions on Hong Kong, and prevent the city being strangled to death. It is foreseeable that Hong Kong will operate its own exchange house for oil and metals trading. When the day comes, US politicians will have to figure out who they should sanction first: US banks or Hong Kong City?
Great analysis. China can easily be the money changer for the whole world. China does have bilateral currency swaps with a lot of countries. They can play the role of money changer.
What China has done to forbid crypto in mainland is a correct move as there are just far too many scams. Interesting that they're using HK to do so which my guess is to in case they've to use it when US weaponized US dollar and SWIFT against the Chinese. But Bitcoin is not a good medium for trade as the volatility is far too great. Businessmen don't like that as the risk is too high.
Yes.
I think Bitcoin's being volatile has to do with the fact that it has not been used as a currency. So far, IRS considers Bitcoin just an investment. Once Bitcoin is used for trade, the volume of such transaction will stabilise it.
Good detective work Kevin
Cryptos and gold're clearly smart choices when people're losing faith in the US Dollar.
Very thought-provoking.
0.6% fee per transaction in global crypto market..it is money farming
❤❤Kevin, this is great news for bc stackers❗️Thkd
Hi Just a query -- Did you travel in China every day or just broadcast places name or pics by daily?
Hi Kevin your reporting is always spot on👏
I’m recommending your insights to other you channels, you deserve more viewers
Bitcoin is traceable, there are other privacy oriented projects, and ways to obfuscate your transactions.
Good theory 👌
I can honestly say this channel is making me smarter
Ten Xio Ping is great to impose one country two system for Hong Kong ,now they are benefiting from it and enjoy what they can in Hong Kong but in Mainland China.
One county, two systems.
Just like BlackRock, they know crypto casinos makes tons of transaction money.
Hong Kong will continue to be an important regulatory valve in China's dual-circulation strategy. Two streams of capital will flow: investment capital for industrial purposes will be allowed and attracted to the mainland, while speculative capital will gravitate towards Hong Kong. Both worlds' benefit can be harvested through these arrangements.
Additionally, mainland China may likely enable public participation in Bitcoin through Bitcoin ETFs. This approach not only allows public involvement and increases private investment channels to alleviate public sentiments towards being unable to invest in Bitcoin, but also addresses capital outflow issues. Through Hong Kong, China could potentially exert a certain level of control and influence over Bitcoin prices, and the next steps might involve attracting Binance and other major exchanges to list or establish headquarters in Hong Kong. Moreover, Binance's CEO, upon release from prison, will surely take a keen interest in this, especially with the backing of a major power。😊
Love your insights. I think it's a smart move to make HK a hub for cryptos!
It seems everyone is still relying too heavily on the charts now. Imho, when the ETF's stepped into Crypto it changed the game. The Bitcoin Baby has been born and will grow up fast. The Crypto Market now has a rubber stamp of approval. Wall Street is in the game now and It will become the store of value we have been talking about. The rules are already changing. We would have normally had a corrective retrace by now, yet Bitcoin has been steadily rising. The name of the game is getting out with profit, but when exactly to get out this Super Cycle is going to be a tricky one. It's not about guessing the market's next move; it's about playing it smart and steady...managed to grow a nest egg of around 3.4Bitcoin to a decent 18Bitcoin in the space of a few months... I'm especially grateful to Amelia Leokadia, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape.
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interesting
Wonderful news. Msyne the Bitcoin can be adopted by BRICS and convertible to their own currencies through HK.!!
My question is, can citizens of Hong Kong buy crypto or is this just for banks?
Expect anything from china .
Who needs who in this world?
a. Does China needs the world?
b. Does the world needs CHINA?
a or b ?
This a splendid market review, from what i understand
the hong kong market are opening up to the thought of crypto trading
although this doesn't mean mainland china would accept crypto immediately
i think there will be a lot of discussion for regulations, but it's clear there is an expansion of crypto trading into asian markets
Research should always be an investor main skill
You are amazing. Your material is extremely relevant and timely
If that's true, will other banks just sit around and wait to get fleeced ?
I was surprise by these move to allow crypto currencies . I don't know how they perform KYC those users .
I understand that BRICS will have a currency using a blockchain system
The US has shown that it’s willing and able to trace bitcoin transactions in order to enforce its sanctions. So the value of this is limited that way. But I can see it attracting many to open bank accounts in Hong Kong who wouldn’t otherwise.
An accounting system for exchange of value that has no central control, and so no way to be interfered with or subverted or spoofed and provides proof of completion of transfer. This "no central control" is unique among the crypto. (All others fail in some way to let go of some aspect of central authority (and so potential corruption) ... including Etherium. Bitcoin is to transferring value like a private secure telephone channel is to speech.
I can see why this would be a useful tool in an atmosphere of de-dollarisation.
Ps. Of course folk tend to fixate on the exchange rate of Bitcoin and some fiat or other. But the true value of the Bitcoin system is its integrity as a means of communicating value.
No regulations means no protection and high fees for transactions etc, what can go wrong?
High fees only when converting Bitcoin to fiat. BTC to BTC is very cheap.
Anything can go wrong with bitcoin.worthless.
When Chinese ready they'll allow Hong Kong banks accepting Bitcoins,will simply convert into cbcd (because the Chinese won't mind if foreigners possessed them ) an if/when the mainland companies to redeem in yuan.
We would rather be the hostage takers than be the hostages.
I've said this would happen for ages. It's coming.
This doesn't really make sense for China, but Hong Kong has certain autonomy, just like Macau. I doubt that crypto / bitcoin is sustainable, but I can see HK's banks trying to grab a piece of the pie for themselves.
Dayumm, Qinghai is heaven...
An other bond broken away from the moneypoly
Here you go another wet dreams for the CRAPTO lovers 😂😂😂
UAE is the King of crypto. Most registered exchanges have KYC and most cryptos are very traceable. Every transaction is on the blockchain except for a few virtual assets.
Binance already offers conversion to fiat which you can send to your account. Globiance allows you to store stablecoins in various currencies. Wadzpay offers payments in crypto ($WTK) and will soon be offered to shoppers at Dubai Airport Duty Free.
The main reason for this move would be to avoid SWIFT which is controlled by the US, save so much time as transactions happen in seconds, not days, pay in other currencies, avoid high transaction fees and errors.
I don't get what's the benefit here. If someone wants to invest in hong kong or china or whatever they can just sell btc to usd in whatever country they are and then sell usd for rmb instead of arriving to hong kong with btc and then transfering btc to rmb.
Love the theory crypto is anarchist or libertarian when hedge funds get 100 to 1 leverage - how can we decentralise $ when the same players can manipulate price discovery that way. I get the idea but don’t like the idea of the crime syndicate liking it (Blackrock Citadel ect)
be good bitcoin to the moon
XRP
XLM
XDC
THEY CANT HIDE IT.
This is a plan B in case something happens to U.S dollar
Building up is not what the planet needs.
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Well, disaster is waiting to happen.
Crypto Stable coin backed by gold or tradable commodities…. Waiting for HKG/China BRICS Russia to bring it to the world…..stable coin backed by US$ is a joke. Trade and loan against these stable coins via crypto block chain….and even loan and pay interest on them…..ah…starting to sound like fiat money to me which hilds value mich better than US$$$$$$
Need dollar to buy bitcoin.that mean dollar is more valuable.
To me, Hong Kong does not have much of a future. Even in the Pearl River Delta, Shenzhen and Guangzhou have much bigger and more dynamic economies. That's without even mentioning the mega economies of Shanghai, Beijing or Chongqing. To add insult to injury, the Chinese government is transforming Hainan island into a giant Free Trade Zone. At least Macau still has it's huge gambling and hospitality industry. What's HK's competitive advantage going forward? Crypto? That's a big joke.
It's a world-class financial centre in the Global Top 5. None of those other places will make it. Why? You need a million highly skilled specialist bankers, accountants, lawyers, financial analysts, portfolio managers, financial strategists, actuaries, CFAs, etc. Only HK has all that.
Right now, HK offers a new residency visa for HK that costs $5-million payment to HK to get. There is massive demand, excitement, and applications for that already. U think any of those other cities will have lots of very rich foreigners pay $5M to go live there? No.
We can do it easily in Malaysia too.
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