Tether Co-Founder Brock Pierce Predicts China’s Crypto Embrace

Brock Pierce, co-founder of Tether (USDT), the world’s leading stablecoin by market cap, believes China will eventually welcome crypto assets. Despite China’s past bans on all crypto-related commercial activities, Pierce sees a future where digital assets gain recognition.

“Is China going to open up [to cryptocurrencies]? … I’d say it’s inevitable. The question is not so much if, it’s a matter of when,” Pierce stated in an interview with the South China Morning Post.

Hong Kong’s Leading Role

Pierce also highlighted Hong Kong’s proactive stance in the spot Bitcoin and crypto space. The Securities and Futures Commission (SFC) recently introduced clear guidelines for crypto investors, setting the stage for significant advancements in trade finance.

“I think Hong Kong is ahead in many ways. I think the main opportunity in Hong Kong is in tradefi and that’s where a Hong Kong digital dollar stablecoin has tremendous potential,” Pierce added.

While Hong Kong advances, cryptocurrency exchanges connected to China’s mainland encounter difficulties. Due to the strict requirements that the SFC implemented last year, several people in Hong Kong have withdrew their applications for licenses. Furthermore, according to the SFC, authorized digital asset exchanges in Hong Kong shouldn’t cater to Chinese nationals living on the mainland.

The combination of Hong Kong’s transparent regulations and Pierce’s hope for China’s ultimate embrace of cryptocurrencies points to a complicated but bright future for digital assets in the area.