Hong Kong is pursuing the bill passed at the end of 2020 which provides for the granting of licenses to foreigners for trading Bitcoin. At the same time it warns:
the game is dangerous, stay away. However, there is an indirect closure towards those who continue to run the business without authorization. On the contrary, as the decisions adopted at the meeting of the Financial Stability Committee chaired by Liu He close to the weekend show, Beijing is for an iron fist against cryptocurrencies.
The softer position in Hong Kong
What cannot be done in Mainland China has always been feasible in the former British colony that has always functioned as Beijing’s offshore hub. A sort of double track that could also work for Bitcoin, just finished, and it is not the first time, in the crosshairs of the central authorities in Beijing.
Hong Kong at the end of the year had passed a bill submitted for public comments before the final enactment that the Monetary Authorities of the Special Administrative Region seem to want to carry out, despite the hostility towards the Bitcoin market by Mailand China.
On May 21, the Committee for Financial Stability and Development of the State Council chaired by Liu He, member of the Political Bureau of the Central Committee of the Communist Party of China, reiterated that “we must serve the real economy”. And that the repression of Bitcoin mining is one of the tools to be used.
The hard line of the Beijing Stability Committee
After the Central Bank warning, the Stability Committee also threatened the future of Bitcoin in China.