China Has Not Banned Cryptocurrencies Outright

That theory might help explain what’s happening in Hong Kong. The city has taken very public steps to establish itself as a city. Digital Asset Hub If not Asia, then the world. Hong Kong and China operate under “one country, two systems,” and Hong Kong’s relatively welcoming stance on cryptocurrencies has received some approval from Beijing. Allowing cryptocurrencies to thrive in Hong Kong, if not on the mainland, is a way for China to remain in the game while mitigating risks.