India wants G20 to develop crypto-regulation while China partly allows crypto trade again

Indian Prime Minister Narendra Modi will soon chair the G20 that will take place in his home country. As crypto becomes more and more important in India and more and more young people invest in it, he therefore calls on the G20 to introduce global rules for cryptocurrencies.

In China meanwhile, Hong Kong is allowing crypto trading for ordinary citizens again. It is expected that many Chinese will travel to Hong Kong from the mainland to convert their Yuan (which is facing deflation) into Bitcoin, certainly now that deflation is making the Chinese very nervous.

Chandrayaan

India has recently been trying to profile itself more and more as an emerging world power that is seeking its place between the west and the BRICS countries (read Brazil, Russia, India, China and South Africa). Modi knows that since the successful landing of the Chandrayaan 3 on the south pole of the moon last week, his country has become more respected among global powers.

He is therefore using the platform of the G20 to call for the introduction of global rules for crypto (and AI).

PM Modi on Crypto regulation :

“The rapid pace of change of technology is a reality – there is no point in ignoring it or wishing it away. Instead, the focus should be on adoption, democratization, and a unified approach. At the same time, the rules, regulations, and framework… pic.twitter.com/msyey5NjRs

— Crypto India (@CryptooIndia) August 27, 2023

Digital currencies such as Bitcoin and Ethereum are highly popular in India, where nearly 100 million people now own some form of crypto. Most of the users are very young, aged between 18 and 35. As India is set to become the most populous country in the world within a few years, that is of course a very important target group.

Deflatie

The HashKey Group company will allow regular citizens to exchange Hong Kong dollars for Bitcoin and Ethereum “within two weeks”.

BREAKING 🚨
BIG CRYPTO NEWS IS COMING FROM HONGKONG

Hong Kong-based HashKey, the first CEX with regulatory clearance, officially starts #Bitcoin   retail trading today 🙌 pic.twitter.com/czVPaYS74T

— BITCOINLFG® (@bitcoinlfgo) August 28, 2023

Hashkey expects to gain 1 million retail customers by the end of 2023 and 10 million within two years. Given the deflation of the Yuan in mainland China, it is expected that many Chinese will travel to Hong Kong from Shanghai and Beijing to convert their Yuan into Bitcoin in order to avoid deflation.

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