China mocks US crypto policies, Telegram’s new dark markets: Asia Express
China state TV bashes Trump’s crypto policies in 30-minute special. New Telegram dark markets tie with Huione’s infrastructure. Asia Express.
CCTV, Chinas state broadcasting mouthpiece, aired a half-hour special on cryptocurrencies and how the US is attempting to solidify dollar dominance with stablecoins.
The July 27 broadcast framed the new US stablecoin legislation GENIUS Act, as a geopolitical turning point. CCTV pinpointed that the new rules explicitly ban a Federal Reserveissued central bank digital currency (CBCD) while allowing stablecoins to export US debt in digital form.
The broadcaster said stablecoins backed by US Treasury bonds represent the third phase of dollar hegemony after Bretton Woods gold and Middle Eastern oil. In this model, crypto users across the globe become indirect holders of US government debt, while stablecoin issuers emerge as the next generation of bond superbuyers. The program warned that this digital infrastructure could displace weaker currencies.
