"It seems that soon China will be soft-hearted to accept crypto?"
The Chinese version of TikTok dubbed Douyin is adding support for the cryptocurrency Bitcoin (BTC) to its app even as China continues to clamp down on services and trades that offer the digital asset.
Through a statement by Tron founder Justin Sun on his Twitter account, Douyin developed by internet technology company Bytedance has started displaying BTC prices on search results as part of its efforts to give strong support to the digital asset.
In general, Douyin is found following the steps of Twitter which also provides BTC price charts on search results and supports major stocks including exchange traded funds (ETFs) last December after Elon Musk acquired the social media platform.
However, the implementation of the Chinese TikTok application is undoubtedly quite difficult following China's actions to impose various strict regulations on the crypto market.
It is already known that China's aggressive opposition to crypto has been happening since 2021 when the People's Bank of China (PBOC) banned the mining of digital assets throughout the country, thereby affecting miners in the country.
However, China still has a keen interest in crypto after Douyin reportedly has more than 400 daily users even though the central bank has banned the digital asset business because it thinks it will have a negative impact on the country's economic stability.
In the meantime, Douyin has a slight difference compared to Twitter as it displays the price of BTC in yuan instead of the United States (US) dollar to follow the ongoing global de-dollarization trend.
