by Rushali 
For the first time Hong Kong, China has approved an ETF (Exchange Traded Fund) worth $100 million that would also include 10% in cryptocurrency. According to Wu Blockchain’s reports, the ETF would be raised by Yibo Financial.
Hong Kong, China has approved the first ETF fund involving cryptocurrency, and Yibo Financial said it will raise 100 million US dollars, of which no more than 10% will be cryptocurrency.
— Wu Blockchain (@WuBlockchain) January 14, 2021
As China had approved a cryptocurrency ETF, the US has still not approved any crypto ETF, especially bitcoin. Every application regarding bitcoin ETF was rejected by the authorities. Regulators believe that a small amount of crypto may lead to market manipulation. But with the newly elected president and administration change, has increased the hopes that the new administrators would allow for a Bitcoin ETF.
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A multi-billion dollar company named Vaneck, whose application for ETF was rejected several years ago has again filled a fresh application as Bitcoin soared to new all-time-highs with great institutional interest.
China has plans beyond just being the supreme of digital currency :
China is at the top of the sovereign national digital currency race with its digital yuan nearing launch. As other countries are just starting with their CBDC research, which will take the at least 5 years to catch up with China. In 2017, when China had banned the use of bitcoins and cryptocurrencies, experts believed that they will never allow any other currency to be more popular.
Now, the fight against cryptocurrencies are nearing to end. Hong Kong a part of China has recently allowed ETF with cryptocurrency and also issued its first crypto exchange license. The point to be noted is that it is not allowed for common traders rather for selected professional investors.
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Hong Kong is catching up in the cryptocurrency field, and it has just issued its first exchange license. However, both licenses and ETFs are only allowed to target professional investors.
— Wu Blockchain (@WuBlockchain) January 14, 2021
By looking at Hong kong’s recent interest in Cryptocurrency, we can say that China is changing towards digital assets. Most of the countries are trying to implement better regulations China also don’t want to be left behind after the development of the digital Yuan.
