Despite the circular and assurance to the traditional banks there, they are still hesitant in accepting crypto firms. What could be their reason for being reluctant in accepting crypto firms as clients?
It would have been a blast on Bitcoin price if this was the entire China but there is more to the news. I mean, why is it that it's only Hong Kong that has been pushing for the adoption, what are they going to when the government appeal in court? The court will not favour them because the central bank has this autonomy over commercial banks and they can't go against their only source of fluidity to fiat unless they want to start printing their own cash from elsewhere, that's not possible though.
Anyways, let's be positive, perhaps when banks from other states start seeing competition, they will be forced to start accepting bank deposit and the majority will align in the same principles but where is the decentralization?
I would take it as an adoption.
