DeFi Explained On Chinese State TV, Reaching Potential 1.2 Billion Audience

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Last Updated on 29 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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China’s second largest TV channel, CCTV2, showed a news segment in which it discussed the best performing asset class of 2020 so far, cryptocurrencies and Bitcoin. The channel reaches a potential audience of 1.2 billion people worldwide.

Even those who do not speak or understand Mandarin can clearly hear how DeFi (Decentralized Finance) is being explained whilst several other cryptocoins are being shown.

CCTV2 is the nation’s second largest television channel and its newscasts are followed by hundreds of millions of people daily. The mention of DeFi and crypto is surprising, with many commenters on social media saying the event has meaning and the CPC (The Chinese Communist Party) would not have done so if there were no plan behind it.

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Ethereum and DeFi

By now, the clip is already being transmitted on several Chinese social media channels as well.

During their economic segment, the presenters of CCTV2 compared this year’s best performing asset classes to their audience. They claimed that gold had managed a 20% gain somewhat, following up with the stellar performance of both Bitcoin and other cryptocurrencies. Ethereum was mentioned as well, with its increase of more than 150% this year already. The workings of DeFi also got a mention, in sidestep with Ethereum’s rise, on whose blockchain it mostly still depends.

As mentioned, although there were questions about the timing of this segment and as to why the Communist Party would launch a piece with the ultra-capitalist title cryptoasset is the best performing asset YTD, most financial saw it mostly as a bullish sign.

Digital Yuan

China is readying to launch its own digital currency of course, known as the central bank digital currency (CBDC), the digital Yuan. That crypto is still being tested and has already gotten agreements with Alibaba and other major Chinese sites in order to be ready for a massive roll out when Beijing deems it ready.