The reasons for the rapid growth in the value of «Chinese» cryptocurrencies

Digital assets with Chinese development teams have risen in price amid positive news for the crypto industry from Hong Kong. Over the day, Conflux (CFX) rose by 16% to $ 0.43, Filecoin (FIL) by 7.3% to $ 6.13, and AlchemyPay (ACH) by 6.1% to $ 0.042.

The rise in price of these cryptocurrencies is driven by the active support of the industry by the Chinese authorities. This month, Hong Kong will host several large-scale events related to blockchain technology and cryptocurrencies. According to the CNA news agency, Chief Secretary of the Hong Kong Administration John Lee and heads of the Hong Kong representative office of the Beijing government will attend the opening ceremony of the Web3.0 Association. In such a way, the government officials want to demonstrate the support of the industry by Beijing and the Hong Kong government.

The Web3.0 Association was created to develop and expand the virtual assets and Web3 industry. The association is headed by the former president of the Hong Kong Monetary Authority, Norman Chan.

Hong Kong Web3 Festival 2023 will be held in Hong Kong from April 12 to 15. It will bring together about 100 crypto companies and more than 300 speakers from the industry. The festival is co-organized by Alibaba Cloud and Amazon Web Services (AWS), and Microsoft is a partner of the event.

As a reminder, Chinese representatives are cooperating with the terrorist state. In late March, Alexander Babakov, deputy chairman of the State Duma of the terrorist state, said that the BRICS alliance (Brazil, Russia, India, China and South Africa) is working on creating its own digital currency. Babakov also emphasized that virtual payments within the association are able to «demonstrate viability and have a long-term perspective.» Babakov also noted that a universal BRICS cryptocurrency would be especially useful for China, as it would weaken the «hegemony of the West.»