On May 24, Binance CEO Changpeng Zhao, also known as CZ, shared through Twitter that “Chinese speaking communities are buzzing” following a news broadcast by state-operated media network China Central Television (CCTV) regarding Hong Kong’s latest cryptocurrency-focused regulatory policy.
CCTV’s Coverage of Hong Kong’s Crypto Regulations Sparks Excitement, Says Binance CEO; Nanxin University Launches Metaverse Platform
This week CZ emphasized that the coverage of cryptocurrencies by CCTV is significant, especially considering that crypto asset businesses were prohibited in China in September 2021. The Binance boss stated: “CCTV (China Central Television) just broadcasted crypto — It’s a big deal — The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.” He also noted that he wasn’t suggesting the “past predicts the future” and his statement was “not financial advice.”
The specific CCTV segment CZ referred to centers on Hong Kong‘s regulatory approach for virtual asset service providers (VASPs). These entities must comply with the regulations by June 1, 2023, and the rules do not reflect a “light-touch regulation” philosophy. Following CZ’s comment, one Twitter user observed: “It is not necessarily a bull market when there are Chinese people involved, but it is definitely not a bull market when there are no Chinese people involved.”
CZ admitted he could not dispute this observation. In addition to the CCTV report, Nanxin University established the China Metaverse Technology and Application Innovation Platform just two days prior. The university’s president Li Beiqun expressed enthusiasm about metaverse development, asserting that the metaverse platform would promote progress in metaverse-related fields.
During the event, metaverse platform creators unveiled an augmented reality (AR) map of their platform. It was also mentioned that the China Metaverse Technology and Application Innovation Platform is part of the government-supported China Industry-University-Research Cooperation Promotion Association initiative. However, following last year’s metaverse hype wave, interest in the concept has been overshadowed by attention toward artificial intelligence (AI) software such as Openai’s chatgpt.