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Tag: china crypto projects

  • Hong Kong Receives China’s Blessings to Set Up Asia’s Biggest Crypto Hub

    Hong Kong Receives China’s Blessings to Set Up Asia’s Biggest Crypto Hub

    In what might be considered a contrast to mainland China’s strict anti-crypto stance, Hong Kong’s goal of becoming a cryptocurrency hub is reportedly seeing subtle support from the Chinese government. This could be the beginning of a massive crypto expansion in the Asian market, as the “Chinese coin” narrative is increasingly gaining much traction.

    Hong Kong SFC Proposes Crypto Regulations that Benefits Retail Investors

    According to Bloomberg, Hong Kong is gearing up for a consultation process that could potentially legalize retail cryptocurrency trading in the region. The Securities and Futures Commission of Hong Kong (SFC) proposed new regulations on 20th February that require all centralized crypto exchanges operating in the region to obtain licenses from the regulator.

    The proposal also suggested allowing retail traders to use licensed cryptocurrency trading platforms, citing public input that restricting access to crypto markets could drive Hong Kong residents to trade on unregulated foreign platforms.

    Major Crypto Businesses Looking to Expand into Hong Kong

    The recent regulatory changes have encouraged crypto businesses to look for opportunities to expand into Hong Kong. Huobi Global has declared its intention to acquire a local license and open a new exchange that caters to institutional and high-net-worth investors.

    Justin Sun, the founder of Tron and adviser to Huobi, mentioned to Bloomberg that the company is planning to apply for a crypto trading license from the SFC. He stated that the new license would allow Huobi to offer a wider range of crypto trading and investment options to customers in Hong Kong. (Tramadol) The new exchange, Huobi Hong Kong, will be specifically tailored to institutional investors and high-net-worth individuals.

    China Gives Green Light to Hong Kong’s Crypto Expansion?

    Representatives from China’s Liaison Office have been attending Hong Kong’s crypto events, and their encounters with the local crypto businesses were reportedly positive. This is perceived by some as support for Hong Kong’s ambition to become a crypto hub, using its separate legal system and markets as a testbed.

    Nick Chan, a National People’s Congress member and crypto lawyer, was quoted by Bloomberg as saying that Hong Kong is free to pursue its own interests as long as it does not cross the line and endanger financial stability in China under the “One Country, Two Systems” framework.

  • Conflux Network ($CFX) 2023: China’s Blockchain Project Set to Soar

    Conflux Network ($CFX) 2023: China’s Blockchain Project Set to Soar

    News of potential quantitative easing in China has led crypto experts to believe that there will be a surge in the value of Chinese blockchain projects. As such, Conflux Network ($CFX), one of China’s public blockchain, has seen a whopping 1600% price increase in 2023. In this article, we will explain what Conflux is, and why $CFX should be on your watch list this year.

    If you are interested in another Chinese crypto project, Alchemy Pay ($ACH) is also a top Chinese project this year.

    What is Conflux?

    Conflux Network is a public blockchain platform designed to support high-performance decentralized applications (dApps). It aims to address some of the limitations of existing blockchain networks such as slow transaction processing times, limited scalability, and high fees. It uses a novel consensus algorithm called Shanghai Tree-Graph that enables high throughput while maintaining decentralization and security. The algorithm allows multiple blocks to be generated in parallel and then merged into a single chain.

    Conflux Network also supports a range of smart contract languages, including Solidity, the most widely used language for Ethereum smart contracts. This means that developers can easily port their existing dApps from Ethereum to Conflux Network and take advantage of its faster transaction processing times and lower fees.

    Who is the Team behind Conflux?

    Conflux Network was founded by a team of researchers and developers from Tsinghua University in China and the University of Toronto in Canada. The co-founders of Conflux Network are Fan Long (CEO) and Xiaolong Wang (Chief Scientist). The team also includes a number of other experienced researchers, developers, and advisors from various fields, such as computer science, blockchain, and finance.

    Why is $CFX Pumping?

    The current price surge of $CFX seems to have strong support from retail investors, as indicated by social media metrics and fundamentals. This came as a result of two significant developments made by Conflux:

    On 15th February 2023, Conflux announced that they are developing blockchain-based SIM cards in partnership with China Telecom, one of the largest wireless carrier in China (390+ million movile subscribers). The trial program will first launch in Hong Kong later this year, followed by key mainland China locations such as Shanghai.

    Earlier in late January, Conflux partnered with Little Red Book, the Chinese equivalent of Instagram, to provide NFT services for the social media platform’s 200 million users. The news prompted a 90% increase in CFX’s price.

    $CFX Price Prediction 2023

    Looking at the technical aspects, CFX has experienced a significant increase in price which has caused it to become very overbought. This can be seen in both the daily and weekly charts where CFX’s relative strength index has risen above 70, indicating that the uptrend is close to its limit.

    Additionally, the Conflux Network token is currently testing the $0.28-$0.41 range as a resistance level, which was previously a support level between May and November 2021. If CFX falls back from this resistance area, its price could drop to the range of $0.097-$0.141, which is its main downside target.

    This range also coincides with the token’s 50-week exponential moving average (50-week EMA) at around $0.108, which is approximately 65% lower than the current price levels. On the other hand, if CFX manages to break above the $0.28-$0.41 range decisively, its price could rise to $0.84, which was the resistance level during the May-September 2021 period.

    Will $CFX Continue Its Momentum Throughout 2023?

    From a fundamental standpoint, $CFX is part of the “Chinese coins” narrative that is trending in 2023. With the potential of quantitative easing in China and crypto expansion in Hong Kong, people on the Crypto Twitter space are actively searching for investment opportunities in the Chinese market, taking advantage of any potential rally. $CFX still has a relatively small market cap, but has the potential to deliver strong returns for its investors if its momentum continues. And its momentum will likely continue if continuous development is seen in the Asian market.