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Chinaβs relationship with crypto in 2025 may seem paradoxical: a firm ban on decentralized cryptocurrencies within its borders, yet a cautious willingness to observe and learn from controlled digital-asset experiments taking place in Hong Kong.
β’ China once dominated in global Bitcoin mining and centralized exchanges but regulatory bans quickly reduced its dominance in the industry.
β’ The majority of mining operations and centralized exchanges in China shifted off-shore, with many of them still dominant today around the world.
β’ Following the passing of the GENIUS Act in the US strengthening dollar-backed stablecoins, China has emphasized development of the digital yuan to reduce reliance on the US dollar.
β’ Analysts describe Hong Kong as a regulatory sandbox within the PRCβs βOne Country, Two Systemsβ structure, with Hong Kongβs 2025 Stablecoin Ordinance serving as a bridge between Mainland Chinaβs strict controls and global crypto innovation.
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If any deal is reached, it would be the largest stablecoin acquisition yet, and another signal that stablecoins, or cryptocurrencies pegged to underlying assets like the US dollar, have reached the financial mainstream.
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Democratic senators have been criticized for pitching a counter-proposal to the market structure bill that could effectively βkill DeFiβ.
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Now gifts are first available for purchase to early Telegram users.
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