China’s Ant group went to great length in explaining its non-fungible tokens (NFT’s) are something completely different from the cryptocurrencies the government is targeting. Is it a smart way to avoid government measures? Fintech expert Winston Wenyan Ma highlights the dilemma created by Ant’s NFT, he tells Reuters.
The cryptocurrency market has been disrupted by interventions by China’s governments, but it certainly does not mean a full-blown ban on digital currencies, says financial analyst Winston Wenyan Ma, former managing director at China Investment Corporation (CIC), adjunct professor at NYU, and investor. The government is still defining the scope of digital currencies, and focuses on minging and trading, and is certainly no banning ownership, he says at Verify.
China’s upcoming digital currency is the last example of how the country is economically going to outrun the US and the rest of the world, says Singapore-based superinvestor Jim Rogers. Of course, the country has collapsed a few times too, but unlike other cultures, it is able to rise again, he says.
Financial analyst Sara Hsu, co-author of the 2020 publication “China’s fintech explosion”, discusses how tech companies became the leaders in fintech, leaving the country’s giant banks behind. She addresses an online panel of USC’s US-China Institute and explains how an underserved community offers a fertile basis for the fintech explosion.
Now a massive row of Chinese companies, including Alibaba, are preparing for IPO´s, both at home at abroad, insights in China´s financial industry are more important than ever,
The government wants to allow market forces to decide what financial direction the country is taking, and because more than even capital is owned by Chinese citizens, just looking at what the central government in Beijing is doing, is not longer good enough.