Chinese TikTok Users Get a Taste of Crypto Freedom

On April 10, Douyin, the Chinese version of Tiktok, surprised users and media alike by publishing price quotes for cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Ripple. This led to speculation about a potential shift in the Chinese government's strict cryptocurrency regulations. However, this move was unexpected, as Douyin had been cracking down on crypto-related content since September 2022.

For a brief period, any of Douyin's estimated 730 million users could view cryptocurrency price quotes on the platform. But the hope for relaxed regulations was short-lived, as on April 11, Bitcoin and other crypto quotes were removed, and a message was displayed, stating that

Unofficial digital currencies did not have the same legal status as fiat currencies and users should invest cautiously.

Since 2021, China has banned all forms of crypto exchanges, crypto-fiat transactions brokered by financial institutions, and initial coin offerings. However, owning cryptocurrencies is not banned, and Hong Kong, a Chinese-controlled territory, plans to become a crypto hub. Despite the brief appearance of crypto quotes on Douyin, it is unlikely that China will relax its strict crypto regulations anytime soon.