Asia Express – Cointelegraph Magazine

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Bitcoin’s day of glory on Chinese TikTok

On Apr. 10, Douyin, the version of Tiktok exclusive to Chinese users, began publishing price quotes related to Bitcoin (BTC) and other cryptocurrencies such as Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP). The move sparked rampant speculation among the Chinese media and users alike related to a potential change of policy by the country’s central government on cryptocurrency regulation.

Unlike its Western counterpart, content on Douyin is heavily monitored and sometimes censored by Chinese authorities. Since Sept. 2022, Douyin has been cracking down on content relating to cryptocurrencies, NFTs, and Metaverse.

Hence, many individuals were genuinely surprised to see cryptocurrencies discoverable on the government-curated platform. For around 24-hours, any of Douyin’s estimated 730 million mainland Chinese users could freely view crypto price quotes on the app. However, dreams of a relaxation in the country’s strict crypto laws were crushed shortly thereafter. On Apr. 11, Bitcoin and cryptocurrencies price quotes were removed from Douyin, with a message stating:

“Based on relevant national regulations, unofficial digital currencies do not possess the same legal standing as fiat currencies. Please invest cautiously.”

Since 2021, China has banned all forms of crypto exchanges, crypto-fiat transactions brokered by financial institutions, and initial coin offerings. That said, the country stopped short of banning the ownership of cryptocurrencies altogether and the Chinese controlled territory of Hong Kong has unveiled plans to become a crypto hub.

Bitcoin on Douyin before and after the crackdown. (GamerSky)

Bruce Lee lives again via NFTs

On Apr. 12, the Bruce Lee Foundation announced it would partner with NFT video platform Shibuya to launch a collection of genesis NFTs featuring the late legendary martial arts actor, who…

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