Business

Steve Kaaru

China’s largest financial news provider adds crypto support

The Chinese government has held on to its anti-crypto stance, but this has done little to discourage the people from seeking out channels that offer crypto services. Searches related to cryptos have spiked in the recent past and apps related to crypto platforms have also seen a rise in app stores. And now, the country’s largest financial news portal has added a cryptocurrency index to its platform.

Sina Finance added the feature recently, reported cnLedger.

The index displays the performances and prices of major cryptocurrencies. It also includes all the headline-making news in the crypto industry. The feature is available on Sina Finance’s mobile application, but not on its web version. The company is yet to issue an official statement regarding the decision to add the feature.

This is the latest indication of the immense crypto interest in the country. Various state-run media agencies have started to report favorably on cryptos. Last month, Xinhua News Agencies, the largest and most influential media agency in China, reported that investor interest in cryptos was rising rapidly in the country. It attributed this rise to unfavorable macroeconomic factors which led many to seek out alternative assets, with cryptos standing out among the pack.

The Global Times, yet another state-run media agency also published a report criticizing the Chinese stance towards cryptos. According to the report, in the past, the U.S established “dollar hegemony to have global finance and currency circulation under its control.” China has struggled to catch up, unsuccessfully so. However, with cryptos, China has a chance to dominate global finance over the U.S. However, it hasn’t, with the report describing it as “troublesome” that “Chinese companies will be absent from such a landmark event.”

The report then concluded, “The regulator’s cautious approach could explain why the Chinese fintech industry appears slow to respond while US tech giants achieve fast progress in advancing digital currencies. Yet, as the era of global digital economic competition approaches, it is essential for both domestic industries and regulators to have more dialogue and understanding, even encouragement, on digital currency.”

And it’s not just the media that’s becoming more pro-crypto. According to cnLedger, Huobi exchange’s mobile app has shot up in popularity in the country, becoming the seventh most popular application on the iOS app store.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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