CCTV’s Crypto Coverage Raises Speculation

China central Tv (CCTV)'s cryptocurrency coverage sparks speculation amidst positive developments in Hong Kong.

CCTV's Crypto Coverage Raises Speculation
CCTV's Crypto Coverage Raises Speculation

CCTV, a state-affiliated media organization in China, aired a video about cryptocurrency on May 24 that attracted significant attention on CryptoTwitter.

The CEO of Binance, Changpeng “CZ” Zhao, referred to it as a “big deal” and claimed that similar coverage in the past “led to bull runs.”

The CCTV network removed the video from its platform just one day after CZ’s comment. The video program discussed recent developments in Hong Kong regarding cryptocurrency compliance.

It also featured a Solana-based memecoin that was a pump-and-dump scheme.

CCTV page shows an error message for the crypto video. Source: CCTV

Hong Kong recently announced that licensed virtual asset platforms would be permitted to provide services to retail traders.

While the announcement paved the way for retail traders to trade cryptocurrencies in the country legally, the Securities and Futures Commission has not yet approved any platforms that provide these services.

China imposed a blanket ban on all cryptocurrency-related activities in 2021, which is the basis for CZ’s claim that China’s state-affiliated media company discussing crypto is a big deal.

Nonetheless, recent positive developments in Hong Kong, a particular administrative region of China, have sparked new crypto-related rumors.

Positive crypto developments in Hong Kong have already begun to influence the Chinese market, with China’s state-owned Greenland seeking a virtual asset trading license in Hong Kong.

China has maintained an antagonistic stance toward all foreign cryptocurrencies, promoting the digital yuan as its central bank digital currency (CBDC).

China was among the first nations to begin developing CBDC although it has not been officially launched, millions of Chinese citizens use the digital yuan through various government programs.