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China may be shifting course and adopting blockchain technology more broadly, as unverified reports indicate major crypto acquisitions are upcoming.
According to Chinese media sources, the Abu Dhabi-based Venom Foundation may be considering a sale to a major Chinese fintech company. These reports are currently speculative, but neither party has denied the possibility of an acquisition.
Venom is a high-throughput blockchain built to support KYC and AML tools inherently, making it well-suited for stablecoins with regulatory requirements. It achieves high processing speed through parallel processing by splitting and merging the blockchain.
Caption: Source: CoinMarketCap
China might relax some crypto restrictions as a result, but it’s unlikely that China will lift the ban on retail consumers buying crypto. Even so, China’s investment in crypto technology will inevitably lead to greater crypto adoption overall, despite bans.
We’ll be looking at why Best Wallet is relevant to China’s underground retail users and what this means for the $BEST token as a result. Let’s get into it.
What about China’s Crypto Industry?
China’s approach to crypto seems contradictory at first glance. For domestic crypto users, China has some of the strictest laws in the world – crypto ownership, mining, and trading are all completely banned. Even investing in crypto through financial institutions is not allowed.
However, China is also making significant investments in centralized financial applications that utilize blockchain technology.
The government has announced a $54.5 billion initiative to build a national blockchain infrastructure by 2029, following a pilot program of its e-CNY, a digital currency backed by the People’s Bank of China. China is also the second-largest national holder of Bitcoin.
Caption: Source: CoinLaw
Banning cryptocurrencies like Bitcoin and Ethereum doesn’t mean China doesn’t recognize their value – quite the opposite. China appears to be concerned about capital flight and wants to control blockchain technology on its own terms, rather than relying on blockchains supported by the West.
That hasn’t stopped Chinese citizens from trading cryptocurrency. In fact, it’s estimated that over 59 million citizens in China hold and trade crypto. Despite bans, the decentralized nature of crypto makes it difficult to regulate in a way that completely blocks access.
That’s why tools like Best Wallet are so crucial – making it easier to access digital wallets improves the crypto market environment because, even in areas unfriendly to crypto, you only need a phone and internet access to start using Best Wallet.
Best Wallet – A Mobile-First Blockchain Wallet with Multi-Chain Support
Best Wallet Token ($BEST) is the token that powers Best Wallet, a multi-chain, non-custodial crypto wallet built from the ground up for mobile users.
Best Wallet lets you manage your entire portfolio from a single easy-to-use app, allowing you to seamlessly swap between multiple blockchains and DEXs at the push of a button.
Buying crypto is easy with Best Wallet, even if you want to explore altcoin presales. You don’t need to leave the app – Best Wallet offers a marketplace full of vetted presales to choose from.
Convenience is meaningless without security, which is why Best Wallet uses Fireblocks MPC-CMP to protect your login details. If you’re worried about losing or having your phone stolen, Best Wallet also allows you to back up your wallet to the cloud so you can restore it on a new device.
Caption: $BEST offers a range of benefits from reduced transaction fees to early access to new presales.
The $BEST token offers a range of incentives for holding it, including:
- Early access to exclusive new presale tokens
- Additional staking rewards
- Lowered transaction fees
- Voting rights on new blockchain support
You can enter the $BEST presale now. It’s already raised $15.6M in token reservations, so don’t delay – the presale is dynamic, so the earlier you enter, the better price you get.
Purchase $BEST today while it’s still at $0.025605.
Will China Turn Back on Crypto?
Whether China agrees or not, numerous Chinese citizens are involved in the global crypto market – a testament to the resilience of the underlying protocols behind crypto like Bitcoin and Ethereum.
In the future, China might open its investment markets to allow institutional ownership of crypto so that retail investors can benefit from it, but it’s very unlikely that China will reverse its ban on retail crypto ownership.
However, projects like Best Wallet are opening doors for worldwide crypto ownership by making onboarding easier. It’s likely that Chinese users will keep turning to solutions like Best Wallet in the future, indicating a promising outlook for the success of the $BEST token.
All crypto products are volatile. Always do your own research before investing and only invest what you’re prepared to lose. This article is not financial advice.
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