• The Binance CEO called it a 'big deal' since developments like this could lead to 'bull runs'
  • China has had a turbulent relationship with cryptocurrencies over the past years
  • The People's Bank of China banned all forms of digital asset transactions in 2021

China Central Television (CCTV), the government-controlled national television broadcaster, made a major bullish move when it broadcasted about cryptocurrency, leaving Chinese-speaking communities abuzz.

China Central Television is often perceived as a medium used by the Chinese government to promote its agenda, positions and perspectives. Its recent broadcast of Hong Kong's decision to accept license applications for crypto exchanges that want to serve retail investors is seemingly a huge step for the country.

The news was first shared by Binance CEO Changpeng Zhao (CZ) on Twitter on Wednesday, who said that it was a "big deal" since developments like this could lead to "bull runs."

"CCTV (China Central Television) just broadcasted crypto," CZ tweeted, noting "It's a big deal.

"The Chinese-speaking communities are buzzing. Historically, coverages like these led to bull runs," the Binance CEO said, with a disclaimer, saying, "Not saying past predicts the future. And not financial advice."

The segment in CCTV reported that Hong Kong regulators have made the final preparations in relation to virtual assets trading in China's special administrative region and are prepared to accept applications from crypto trading platforms next month.

The report also mentioned that crypto trading businesses already operating in Hong Kong have nine months beginning June to apply for a license and failure to do so would mean an automatic end of operations in China's special administrative region.

"We saw that online safety is a huge challenge," Hong Kong SFC head of intermediaries Zhong Hui Cai said during the broadcast.

The Hong Kong Securities and Futures Commission (SFC), the country's financial regulator, previously announced that it will launch a new licensing regime for digital assets business, including measures to protect consumers and retail investors starting June 1.

What makes the CCTV broadcast interesting is that China has had a turbulent relationship with cryptocurrencies over the past years, with the People's Bank of China banning all forms of digital asset transactions in 2021.

China's previous position toward crypto led to a substantial decrease in Bitcoin mining and transaction activity since miners were forced to exit the country.

Industry watchers speculated that Hong Kong could be China's testing ground for reopening its doors to digital assets and the recent segment in CCTV is a positive indication of China's potential renewed interest in cryptocurrency.

Meanwhile, Hong Kong has loosened its restrictions on digital assets and is now set to commence digital assets retail trading in its ambition to become the next crypto hub in the world.

A security surveillance camera overlooking a street is pictured next to a nearby fluttering flag of China in Beijing