Tether co-founder says only a matter of time before China opens up crypto

Brock Pierce, co-founder of the dollar-backed stablecoin Tether (USDT), told the South China Morning Post (SCMP) he intends to establish a new venture in Hong Kong. It is unclear as to the nature of the crypto service offering Pierce has in mind. Pierce stated: “I’m enthusiastic about what’s happening in Hong Kong, which means I’m enthusiastic about working here, which means the likelihood of something happening is good right now.” Pierce also suggested that it is only a matter of time before mainland China opens up to cryptocurrency. “Is China going to open up [to crypto]? … I’d say it’s inevitable,” he said. “The question is not so much if, it’s a matter of when.”