The swift crypto and Web3 adoption in Hong Kong is an indication of huge developments taking place in mainland China, as per a co-founder of Animoca (a regional software platform). The present trend in Hong Kong regarding cryptocurrency is not only about the city-state. In addition to this, it also deals with the broader Chinese jurisdiction despite the prohibition placed by the authorities on crypto assets, Yat Siu (the Animoca co-founder) added.

Animoca’s Yat Siu Says Hong Kong Would Take Authorization from China to Go Crypto

Recently, he appeared at the Ethereum Community Conference (EthCC). While speaking at that event, Siu stated that the authorities in China issued the country’s Web3 white paper back in May this year. As per Siu, the authorities fundamentally pointed out that the internet’s future is Web3 in that white paper.

It is noteworthy here that the respective news emerged only a few days following Hong Kong’s official announcement of a strategy to permit retail crypto investments, as emphasized by the executive. Even though the Web3-related white paper of China did not specifically name crypto assets. It is still significant that the officials in mainland China intend to allocate a budget for Web3 endeavors.

The executive mentioned that the news regarding the crypto developments in Hong Kong was ubiquitous, taking into account a notice on China Central Television (the national TV channel of the country). In this respect, Siu disclosed that every person living in China should notice this. According to him, this is notable as it is not only about the developments only in Hong Kong.

Siu moved on to say that the things taking place in Hong Kong are in line with the approvals made by the Chinese authorities. While making a keynote in his speech, the executive additionally claimed that Web3 plays the role of a strong instrument to take the advancement of the latest technology paradigm away from the tech hegemony of the United States.

Particularly, he referred to the likely detrimental security hazards of the country’s reliance on the giants in the tech industry including Facebook, Apple, and Google. As noted by Siu, that is another huge agenda item because of which China, Korea, Japan, as well as other such jurisdictions, are providing considerable attention to the Web3 sector.

Apart from that, he asserted that these countries are witnessing the opportunity to get separated from the technologies dominated by the US. Siu added that standing against the hegemony created by the US is specifically significant for places such as China which focus on de-dollarization. This is another factor responsible for the promotion of the Web3 world in the respective places.

Crypto Enthusiasts Express Mixed Speculations about Chinese Ban on Crypto

The executive brought to the front that, keeping in view the status of the dollar as the global currency, these jurisdictions intend to be less dependent on the dollar through the latest technology. Previously, in 2021’s September, the reports revealed that the People’s Bank of China formally declared another prohibition on crypto-related virtual activity.

Nonetheless, despite the prohibition, mainland China maintained its position among the biggest crypto-mining places around the globe. The latest news from Hong Kong led several crypto onlookers to speculate that the crypto ban could potentially be lifted by the Chinese authorities. On the other hand, many state-related executives like Chenggang Zhou (the CEO of CPIC Investment Management), think that the country will remain anti-crypto.