China’s TikTok version “Douyin” recently updated a new feature, which displays Bitcoin price against Chinese currency when searched. Once users search for Bitcoin, the app will display the highest and lowest price of the day, today’s opening price and yesterday’s closing price.
While this move shows the interest of Chinese and society and businesses in cryptocurrencies, crypto and all related activities are still banned in this country. Soon, the Chinese government will probably ask Douyin to stop showing Bitcoin price, as they have done with other platforms in the past.
Source: @justinsuntronDouyin is considered TikTok’s “sister” app, as both were founded by parent company ByteDance. As of the end of 2022, Douyin has over 730 million users, making it the platform with the largest user base in China. Therefore, this new feature can help hundreds of millions of Douyin users to access information about Bitcoin.
When a user searches for the keyword “Bitcoin”, its price will be displayed in Chinese yuan. This feature could attract more Chinese citizens to learn about Bitcoin and other cryptocurrencies, despite the government’s ban on crypto trading activities.
In 2017, the Chinese government issued a ban on cryptocurrency trading and ICO fundraising activities. By the end of 2021, China has completely banned all crypto activities. Despite the government’s tough stance on cryptocurrencies, several large private businesses still have crypto-related initiatives through Hong Kong. Hong Kong is the only place where the Chinese government allows the promotion and development of Web3.