🤔 According to Solana CEO Joseph Chee: Why is China using Hong Kong to test crypto systems?
On Tuesday, Solana CEO Joseph Chee said China is closely monitoring cryptocurrencies and blockchain technology, despite still having concerns about their applications. Citing NS3.AI, he said officials worry ordinary people could be exploited by the technology. Chee noted that China is using Hong Kong as a testing ground for crypto-related systems, and emphasized that education should come before any larger-scale rollout.
Why is this news important?
It reveals China’s dual attitude toward crypto technology: it wants to understand its potential while also fearing risks. Testing in Hong Kong may be intended to observe how the technology performs under a specific regulatory framework, avoiding political risk from conducting a direct pilot on the mainland. This suggests China may adopt a “pilot-first” approach to crypto regulation, similar to how fintech regulation has been handled.
Impact on the market
In the short term, there may be a slight effect on sentiment for BTC and ETH, but it’s more like information tug-of-war at the industry level. In the long run, China’s testing of the technology could provide a window to observe new policy signals for the sector. Historically, there have been similar regulatory sandbox cases (such as the U.S. CTO sandbox), but China’s approach places more emphasis on risk control. Right now, BTC and ETH prices are near key support levels; if the tests bring more stability expectations, they could support the $80K and $2.5K lines.
💡 Personal view: Neutral to cautious in the short term, but if the testing framework is clear and prioritizes education, it could provide some support for $BTC and $ETH . If China suddenly announces a full ban on testing projects, this view would be invalid.
This article is not sponsored by any project. The author does not hold the assets mentioned
$BTC $ETH #BTC #ETH
⚠️ Not investment advice; predictions are for reference only
#FedOctoberHoldOdds82.3%
On Tuesday, Solana CEO Joseph Chee said China is closely monitoring cryptocurrencies and blockchain technology, despite still having concerns about their applications. Citing NS3.AI, he said officials worry ordinary people could be exploited by the technology. Chee noted that China is using Hong Kong as a testing ground for crypto-related systems, and emphasized that education should come before any larger-scale rollout.
Why is this news important?
It reveals China’s dual attitude toward crypto technology: it wants to understand its potential while also fearing risks. Testing in Hong Kong may be intended to observe how the technology performs under a specific regulatory framework, avoiding political risk from conducting a direct pilot on the mainland. This suggests China may adopt a “pilot-first” approach to crypto regulation, similar to how fintech regulation has been handled.
Impact on the market
In the short term, there may be a slight effect on sentiment for BTC and ETH, but it’s more like information tug-of-war at the industry level. In the long run, China’s testing of the technology could provide a window to observe new policy signals for the sector. Historically, there have been similar regulatory sandbox cases (such as the U.S. CTO sandbox), but China’s approach places more emphasis on risk control. Right now, BTC and ETH prices are near key support levels; if the tests bring more stability expectations, they could support the $80K and $2.5K lines.
💡 Personal view: Neutral to cautious in the short term, but if the testing framework is clear and prioritizes education, it could provide some support for $BTC and $ETH . If China suddenly announces a full ban on testing projects, this view would be invalid.
This article is not sponsored by any project. The author does not hold the assets mentioned
$BTC $ETH #BTC #ETH
⚠️ Not investment advice; predictions are for reference only
#FedOctoberHoldOdds82.3%