Weiss Ratings Gives China A Nudge On How To Be The First Major Crypto Market With WePay Integration
If China Embraces Crypto, They Might Become The First Major Crypto Market
It is now a fact that Japan has fully embraced crypto. They lead in many areas in terms of crypto adoption. This means that Japan could soon become the largest crypto market globally. However, Weiss Ratings still believes that China holds a lot of potentials. However, China would first need to integrate crypto into its economy. This statement was made as a response to a post renowned crypto analyst and investor based in Hong Kong.
What Weiss Ratings Said
Joseph Young, the crypto investor claimed online that Japan would be the first major market for crypto that sees mainstream adoption. For instance, he mentioned that Bic Camera and Rakuten, the two biggest e-commerce sites in the nation were actively working to ensure the mass adoption of crypto. In response, Weiss Ratings said that China might become one of the biggest markets to integrate crypto into the WePay system.
E-Commerce And Crypto In Japan
On January 18, Rakuten established a subsidiary known as Rakuten Payment. The new subsidiary will oversee crypto payments. Today, Rakuten has over 95.1 million active accounts. If the company were to adopt crypto payments fully, it would improve crypto adoption in Japan.
Bic Camera has already fully embraced BTC integration. This has led to increased awareness of the BTC in the region. To date, Japan is still the second largest crypto market after the US.
China Has Been Actively Resisting Crypto
At some point, China did not even allow any crypto events to take place in the country. This led expert to express concerns that it would lose its influence in the sector. Despite this, the Chinese economy still has some a lot of influence in the crypto world. For instance, there are major crypto exchanges such as OkCoin and Bit-Z. There are even crypto billionaires, one being Li Xiaolai, located in the nation. This is despite China giving crypto almost no space to breathe. Imagine if it allowed crypto to thrive.
Anyone who has been keeping abreast with crypto knows that China has done everything possible to antagonize crypto. First, the nation banned the purchase and sale of crypto. However, this did not prevent people in China from trading in BTC using P2P exchanges.
Japan Has Embraced Crypto
Japan has gone in the opposite direction of China. The nation has fully embraced crypto and blockchain startups. For instance, the top crypto firms today are found in Japan. These firms include Line Financial, CoinCheck, BitBank, BiTrade, and many others. In fact, Japan is in the same league as Malta, which has also become the go-to spot for crypto startups.
Thus, it is no surprise that it might soon dominate the crypto world; becoming the first place where crypto achieves mass adoption. If China were to follow in the footsteps of Japan and give crypto half the chance it is getting in Japan, it could do much more. Thus, it would become the first place globally where crypto goes mainstream.