In the past few years, the Chinese authorities are undergoing an intense crackdown on furthermost things crypto in the country.
Last year, the ICOs were targeted by the Shanghai bank of the People’s Bank of China, deems them illegal; in the first months of this year, there were reports about local governments that look to crack down the local Bitcoin and Ethereum mining operations.
In the world’s western area, their opinion is that China has been cracking down on cryptocurrencies to prepare for the rolling out of the government-controlled digital currency.
A sector of a Chinese state television that has millions of viewers had recently made a segment about cryptocurrencies where they have discussed Ethereum and DeFi with other topics.
Chinese state TV’s segment on Ethereum, DeFi, and more
In a recent twist of events, the China Central Television, a state broadcaster who has a billion viewers all over its channels; has aired a segment to one of the top tracks on cryptocurrencies. An investor with a focus on crypto-assets basing in China, Matthew Graham, has shared the detail that was aired to CCTV2 viewers on his Twitter feed.
Denying the sentiment that China is steadfastly against crypto, the segment has purportedly covered how the digital assets are the best-performing the asset class year to date, outstripping gold and stocks.
Then in a crucial part of the clip, the anchors have discussed Ethereum, further mentioning how it is a top performer in the cryptocurrencies markets, having outpaced Bitcoin, XRP and several other top altcoins.
Mentioning about why this is the case, DeFi was cited, as the fears of inflation in fiat currencies.
A key driver of progress to move forward
Analysts in the space are seeing the entrance of Chinese investors as crucial for DeFi’s trajectory of progress moving forward.
The founder of Mechanism Capital, Andrew Kang have commented in July this year that Chinese investment in crypto is its “own beast,” presuming the reference craze of 2017 and 2018 and how China was a binding force.
As of now, similar comments are cropping out, further pointing the importance of hundred millions of investors and the view on crypto-assets. Now with the DCEP and the last Bitcoin craze, some are aware of the cryptocurrency and basic subjects but then will be waiting on the government or some authority to give the direction on what they should do.
An investor from the Hong Kong-based The Spartan Group, Jason Choi had summed up the China situation well when he wrote: