This is great and encouraging news for the crypto community, as the china market is a huge market which all are looking forward to having them open wide doors for crypto. And rest assured that in time all countries will adopt crypto because it is a technology of necessity
This is how China works, they keep on banning cryptocurrency and later on they will amend some of those rules to partially accept cryptocurrency, this is not new anymore. Though despite of the ban, many Chinese people are still doing their crypto activities and I see some date that China is still one of the largest community for Cryptocurrency. This is a good news for them and honestly, the market for China is huge and if this will take effect, this can bring positive impact in the whole market. It must be very positive because the very large population of China is a big market and indeed it seems like China only wants to play 2 feet and is more inclined to control because I don't think anyone will be able to stem the development of crypto
It's been speculated in the past already that they might allow trading or even mining BTC if their economy is threatened. BTC will still help them after all Russia also demanded not just ruble for international payment for their gas but also BTC.
China can be predictable already but this country's approval can be compared to the one country two systems policy. They may not allow on the mainland but only in Hongkong or Singapore.
I think Hong Kong and Singapore are different entities from China, Hong Kong is indeed part of China but Singapore is a sovereign country not part of China. But apart from that, anything can happen in the blockchain world, including in China. Because there must have been a mature calculation from the government for all of this, of course they can't possibly stem crypto because crypto is unstoppable
