Accordingly, when a user searches for Bitcoin, the current day’s high and low price, today’s opening price and yesterday’s closing price will be displayed on the platform.
This move shows the enthusiasm of Chinese society and private businesses for cryptocurrencies, while the Chinese government continues to ban cryptocurrencies. It is possible that the Chinese government may ask Douyin to stop showing price information for cryptocurrencies, as it has done with other platforms in the past.
This coincides with Hong Kong opening its door to crypto and China’s state-owned banks reportedly soliciting business from crypto-firms, even though opening an account with one remains a challenge.
“Cryptocurrency platforms are part of the whole Web3.0 ecosystem and we are very supportive of the development of the whole Internet ecosystem,” Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Leung Fung-yee said recently during the question-and-answer session at the Boao Forum for Asia Annual Conference 2023. “These virtual currency platforms must protect the safety of all investors from the perspective of investor protection.”
Douyin is China’s popular video-sharing platform feeding light-hearted content, considered TikTok’s “sibling” platform, as parent company ByteDance founded both. As of the end of 2022, Douyin has over 730 million users, making it the platform with the most extensive user base in China. The new feature related to Bitcoin can help hundreds of millions of Douyin users to access information about this crypto.
Despite the strict government regulations, the newly added feature on Douyin shows that Chinese enterprises and society are still interested in cryptocurrencies. However, the future of crypto regulation in China remains uncertain and further developments will need to be closely watched.