China's state broadcaster CCTV aired a 30-minute program focused on cryptocurrencies and the impact of new US legislation on the digital currency market.
Discussion of US legislation
The program framed the new US GENIUS Act as a significant geopolitical event, prohibiting the Federal Reserve from issuing a central bank digital currency while allowing stablecoins to facilitate the global circulation of US debt.
Criticism of the US crypto industry
CCTV criticized the US crypto landscape, highlighting incidents of fraud and financial instability resulting from lax regulations. The portrayal suggested that cryptocurrencies primarily serve elite interests, leading to diminished financial stability.
Omissions in the program and implications
The broadcast did not address China's CBDC project or its crypto restrictions. Additionally, new regulations for stablecoins in Hong Kong, effective August 1, were also omitted.
CCTV's conclusions emphasize the complex relationship between cryptocurrency regulation in the US and its effects on the global economic order, alongside the exclusion of key aspects of China's policies.
