Asian crypto traders benefit from Trump’s victory and China’s 2025 CBDC deadline: Asia Express

Asian crypto traders were pleasantly surprised by the surge in Bitcoin prices following Donald Trump’s victory in the 2024 U.S. presidential election. As reported by local sources, traders in Hong Kong and Singapore were vigilant overnight to capitalize on the surge and take profits. The excitement was fueled by the settlement of Polymarket bets, marking a ‘buy the rumor, sell the news’ dynamic.

Market analyst Justin d’Anethan noted that many Asian traders were actively engaging in the crypto markets during late-night hours to benefit from the price increases. In Singapore, Vince Yang, the CEO of blockchain infrastructure firm zkLink, highlighted the anticipation around potential shifts in U.S. policies under the new administration. He emphasized the possibility of increased confidence and innovation in the global crypto landscape, including in Asian markets.

Despite the positive response from the crypto community, some investors in Asia remained cautious due to Trump’s historical stance on tariffs. The uncertainty surrounding tariffs and trade relations, particularly with China, raised concerns among investors, despite the overall optimism in the crypto markets.

In a parallel development, China intensified its efforts to promote the adoption of its central bank digital currency (CBDC), known as the digital yuan. Shanghai held a meeting outlining plans to establish a comprehensive digital yuan ecosystem by the end of 2025. The digital yuan has been undergoing pilot testing in major Chinese cities since April 2020, with transaction volumes reaching significant levels in recent months.

The push for CBDCs in China contrasts with recent considerations in other countries, including India, where a ban on Bitcoin is being discussed to pave the way for the introduction of a digital rupee. Central banks across Asia are exploring the potential of CBDCs while navigating the regulatory complexities associated with non-governmental cryptocurrencies like Bitcoin.

In South Korea, financial authorities are contemplating allowing corporations to open cryptocurrency accounts, a move that could realign the country’s regulatory framework for digital assets. The newly established Virtual Asset Committee plans to finalize guidelines by December, potentially opening up new avenues for corporate participation in the crypto markets.

Overall, recent developments in the Asian crypto landscape highlight a mix of excitement and caution as the region navigates the evolving regulatory environment and explores new opportunities in the digital asset space.