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China Softening On Crypto? Shanghai Hosts Rare Digital Currency Policy Meeting

BBG News

Ah, Shanghai, the city that’s always a step ahead—or is it? This time, they’ve decided to hold a meeting about stablecoins and digital currencies. Could it be that China’s hardline stance on crypto is softening like an old loaf of bread left out in the sun? Only time will tell. 🤔

Shanghai Regulator Discussed Crypto In A Meeting

In an unexpected twist, the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) gathered with local officials this past Thursday to discuss stablecoin and digital currency policy, as reported by Reuters. Yes, a *meeting* about digital currency. Who knew?

With around 60-70 attendees, this might just be the beginning of China’s love affair with crypto. After all, the country banned all crypto activities back in 2021, so this could indicate a shift in the winds. SASAC’s director even mentioned the need to have “greater sensitivity to emerging technologies and enhanced research into digital currencies.” You know, just a little touch of digital romance. 💘

The discussion comes after tech giants like JD.com and Ant Group, who apparently want to get in on the action, urged China’s central bank to authorize yuan-based stablecoins. And let’s not forget Hong Kong, which is getting ready to roll out its stablecoin legislation starting August 1st. Looks like the digital currency world is a big playground now, and China might just be getting its first set of swings. 🛝

Interestingly, JD.com and Ant Group are part of a larger group of 40+ companies in Hong Kong hoping to snag a stablecoin license. But, don’t get too excited—only a few of these hopefuls will actually make it through the gates. Seems like a VIP club. 🕴️

But will this Shanghai meeting lead to anything concrete? Who knows? China’s strict capital controls are still lurking like a giant, ever-present shadow. The ban on crypto back in 2021 wasn’t exactly a gentle tap on the wrist—it was a full-blown lockdown. 🛑

Before the ban, China was *the* leader in Bitcoin mining, contributing half the global Bitcoin mining power (or “Hashrate,” for the techno-savvy). But after the crackdown, miners scattered like roaches in the light. 🪳 But here’s the twist—by the start of 2022, Bitcoin’s mining power bounced back. In fact, it’s now at levels five times higher than before the ban. Who knew a ban could be so…motivating?

Oh, and by the way, the US now controls a massive 75% of global Bitcoin mining. Seems like the US is now the cool kid at the crypto party. 🥳

But while China may have slammed the door shut on crypto, the industry is still thriving globally. Bitcoin recently hit a new all-time high, crossing the $118,000 mark. It’s like crypto’s having its own little party, and China’s not invited. Yet. 🍾

Bitcoin Has Entered All-Time High Exploration Mode

Bitcoin hit a new high on Wednesday, and it hasn’t slowed down since. Over the past day, its price shot up more than 6%. It’s like Bitcoin’s on a rocket to the moon—did someone say “to the moon”? 🚀

This spike has sparked a bit of a crypto-wide frenzy, with Ethereum (ETH) and XRP (XRP) seeing even larger gains than Bitcoin. Short liquidations are making headlines, with more than $1.1 billion disappearing in the derivatives market, according to CoinGlass. That’s a lot of liquidated shorts—no, really. A lot. 💸

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2025-07-12 07:13

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