CZ Explains Hong Kong's Pro-Crypto Stance, Acting as a Sandbox for China

At Token 2049 fireside chat between Binance founder Changpeng Zhao (CZ) and CEO of RealVision Raoul Pal, they discussed multiple topics

At Token 2049 in Dubai, a fireside chat between Binance founder Changpeng Zhao (CZ) and RealVision CEO Raoul Pal touched upon several crucial topics, ranging from capital flight from multiple countries and capital control issues to foreign direct investment.

The conversation, which was part of the Binance Fireside at Token 2049, began with Pal asking (CZ) about countries like India and China, which are closely located. He inquired about the stage at which they stand in terms of the procedure and what is the current situation of these countries in terms of their council control issues.

To that, Cz said, "Right now, I think China’s adopting the use of Hong Kong as a sandbox kind of approach. So I think Hong Kong is extremely pro-crypto now."

🇦🇪🔥TOKEN2049 DUBAI: @cz_binance says "Hong Kong is now extremely pro-crypto, acting as a sandbox for China."Once you buy Bitcoin, which country does it belong to? There’s no border."#Token2049 #Token2049Dubai

He added, "I think they started changing about two years ago. They started issuing licenses, but two years ago, the licenses were quite restrictive. So in terms of token listings, etc. So now they’re exploring ways to open that up."

However, he highlighted that Hong Kong needs to be concerned about the Capital control issues of China. He stated that even though Hong Kong is financially open, they can’t help people in China move large amounts of money abroad freely, as China still has capital control.

And since Crypto knows no boundaries, it becomes much harder for governments to control where money is going.