PANews reported on November 14 that according to the South China Morning Post, Xiao Feng, chairman and CEO of HashKey Group, said in an interview: "If the US Congress and the incoming President Trump clarify the cryptocurrency policy, continue to legislate and promote the development of the industry, this will definitely become a driving force for China to accept (cryptocurrency)." Xiao Feng believes that Washington and its Western allies' exclusion of Russia from the Swift financial information system in 2022 may also prompt Beijing to support the cryptocurrency industry. He said: "If these events had not occurred, China might need five to six years from now to accept the cryptocurrency business. But now, due to the influence of these factors, this time frame may be shortened to two years."
The Chinese government has so far shown no signs that it might relax its ban on digital assets. However, Beijing has allowed Hong Kong to develop its digital asset industry. Xiao Feng said that if China wants to revive the development of its digital asset market, it can start with a payment and clearing system based on regulated stablecoins. "Stablecoins are currently the best solution for cross-border business-to-consumer trade," he said, citing reasons such as fast transaction speeds and low fees. Xiao Feng said that his HashKey team recently conducted a survey in Yiwu and found that almost all merchants had received inquiries from buyers about whether they could pay with popular US dollar stablecoins such as USDT and USDC.
