China's TikTok Updates Bitcoin and Ethereum Prices
The recent move by Douyin, the Chinese version of TikTok, to display Bitcoin and Ethereum prices suggests a potential shift in the attitude of Mainland China's business community towards crypto.
TikTok China Updates BTC and ETH Prices
Update as of April 12, 2023:
Just a day after displaying cryptocurrency information, Douyin has removed Bitcoin and Ethereum price updates, leaving only a message stating: "According to the law, unofficial digital currencies cannot be considered legal payment methods. Please exercise caution when investing."
Just one day later, the content of Bitcoin and other Tokens in Douyin can no longer be displayed. The current search result is "According to relevant national regulations, unofficial virtual currencies do not have the same legal status as legal tender. Please invest carefully." https://t.co/pHuwS7khJX pic.twitter.com/Vw6xg6fIT2
— Wu Blockchain (@WuBlockchain) April 11, 2023
Original Post:
According to various sources in China, the short video app Douyin – the original version of TikTok in China – began displaying Bitcoin (BTC) and Ethereum (ETH) prices starting April 10. Douyin is one of the most popular social media apps in the country with over 600 million downloads.
The Chinese version of tiktok "Douyin" with 600 million users has updated new functions. When users search for bitcoin, the current day, highest, lowest, today's opening, and yesterday's closing prices have appeared; and bitcoin is introduced as a virtual encrypted digital… pic.twitter.com/7t5uTD7TuW
— Wu Blockchain (@WuBlockchain) April 10, 2023
Specifically, when users search for "Bitcoin" or "Ethereum," they receive real-time BTC and ETH prices along with other details such as the daily high/low and opening/closing prices. All price information is quoted in Chinese Yuan (CNY).
Additionally, Bitcoin and Ethereum were described by Douyin as "a digital cryptocurrency used in P2P transactions."
Related: What is Bitcoin? Should You Invest in Bitcoin This Year?
The reasons behind Douyin's decision to update Bitcoin and Ethereum prices on its platform remain unclear, especially since cryptocurrency investments are still banned by Chinese authorities. In the past, Beijing has pressured major social media platforms in China, like Weibo and WeChat, to censor crypto-related keywords.
The Chinese version of Tiktok "Douyin" with 600 million users has updated new functions. When users search for #Ethereum, the current day, highest, lowest, today's opening, and yesterday's closing prices have appeared; and $ETH is introduced as a P2P form of virtual encrypted… pic.twitter.com/SRfMToNrB6
— Ethprofit.eth 🦇🔊 (@Ethprofit) April 10, 2023
However, a recent positive development is Hong Kong's increasingly open stance towards cryptocurrency, including efforts to build a regulatory framework to license crypto companies and allow crypto trading for professional investors. There are rumors that China might be considering a return to crypto and is testing this in Hong Kong. The "China Coin" trend that emerged in February 2023 could be attributed to these developments.
Another social media platform, Little Red Book – often compared to Instagram – also announced a collaboration with the Conflux crypto project earlier this year, contributing to a significant rise in CFX prices during Q1.
