Crypto World Breathes A Sigh Of Relief As Chinese Banks Turn Crypto-Friendly In Hong Kong; What Does It Mean For Upcoming Currencies Like Dogetti?

Bloomberg, the renowned news network that focuses on business and capital programming, has recently reported that the Chinese state-owned banks in Hong Kong have shown interest in providing financial services to the battered crypto sector. What does this mean for the crypto market and upcoming cryptocurrencies like Dogetti (DETI)?

Hong Kong – A Crypto Hub In The Making

Despite being under the arms of China, Hong Kong seems to have a different take on cryptocurrencies than its administrator. Remember in 2021, the People’s Bank of China issued a statement reminding Chinese citizens of the ban on digital assets in the country. The bank also doubled down its crackdown on mining and trading in that same year. But Hong Kong, a special administrative region of China, has decided to lead the virtual world by becoming a crypto hub.

On February 20, Hong Kong’s Securities and Future Commission issued a statement announcing new regulatory requirements for virtual assets trading platforms. The SFC also announced that the new licensing regime will be implemented from June 1.

In the second week of March, California-based crypto-friendly Silvergate Bank openly declared its bankruptcy in a letter written to the US SEC. A few days after this incident, another crypto-friendly bank Signature also collapsed, creating a vacuum in crypto banking services. Since then the crypto firms have been requesting banks from all over the world to provide banking services to the crypto sector. Now, the Hong Kong government seems to be utilizing this opportunity to build on its dream of becoming a crypto hub.

In the fourth week of March, the Bloomberg news network reported that the Hong Kong regulators convened a meeting between the crypto firms and the banking sector to ease the financing for the crypto sector. It also reported that Hong Kong’s the Bank of Communications Ltd, the Bank of China, and the Shanghai Pudong Development Bank have either started offering banking services to local crypto firms or have made inquiries into the field.

Is It A Power Battle Between the US And China?

Banking has never been for easy crypto businesses. While the anonymous nature of the blockchain is valued in the crypto world, it has always been a red flag for the traditional banks where KYC(Know your client) standard compliance is mandatory. The recent collapse of crypto-friendly banking has worsened this condition. But the power battle between the two Superpowers could help the crypto sector, especially new cryptocurrencies like Dogetti(DETI), to reach new heights.

The United States, the top global economy, has intensified its crackdown on crypto companies through its Securities and Exchange Commission over the past few years. As a result, it has become tough for crypto firms to continue their businesses in America. Therefore, China, the second largest global economy, seems to have decided to support the crypto world. A statement from an executive working at a Chinese bank in Hong Kong confirms this. He told Bloomberg that despite the widespread ban on crypto assets in China, the positive response from the Chinese government provided an opportunity to explore the crypto world. It clearly shows the Chinese government’s change of heart in banning crypto assets.

What Is Dogetti?

Dogetti is a new meme-coin project that is in the second stage of the presale. This new decentralized financial platform is built on the Ethereum blockchain. The Dogetti ecosystem includes Dogetti NFT, Dogetti DAO, and Dogetti Swap. The entire ecosystem is powered by its native currency called DETI which will be used for governing and rewarding purposes.

The foundation of the Dogetti project is established on 3 important values: Transparency, Trust, and Longevity. Dogetti is aiming to create a completely decentralized and community-driven crypto ecosystem using its Dogetti DAO platform. It ensures transparency by giving investors the right to vote on the proposals to bring crucial changes in the ecosystem. To improve the credibility and trustworthiness of the project, Dogetti requested renowned blockchain security companies such as SolidProod, soken, Coinsult, and Solidity Finance to audit its smart contracts. The Dogetti project team has carefully carved out the tokenomics to ensure the longevity of the project.

Dogetti has raised more than 6.45 lakhs dollars in the second stage of its presale. At the time of writing, a single unit of the DETI token costs $0.00029. To boost the presale, Dogetti announced a 50% bonus for those who buy DETI tokens using the secret family code DON 50.

How New Crypto-Friendly Banks Can Help Dogetti?

The Dogetti project is expected to give a high return on investment(ROI) as new banks in Hong Kong and Switzerland are showing interest in venturing into the crypto world. The growing acceptance of crypto assets by banks across the world is making them an alternative to traditional finance. If the situation continues in this direction for a few more years cryptocurrencies will reach every corner of the financial sector and become an inevitable part of the global economy.

For more about Dogetti:

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.