VET, CFX, COMBO, PHB Poised for Rally as China Cuts Stamp Duty Rates

2y ago•

bullish:

bearish:

Crypto assets such as VET and CFX, which boast partnerships with Chinese companies, could see performance improvements as China cuts the stamp duty rate.

The Chinese Ministry of Finance recently reduced stamp duty on trades involving stock from 0.1% to 0.05%, effective today.

This decision is part of a series of measures to entice investors to engage with the Chinese stock markets. The impact of this move has prompted speculation among experts, including crypto influencer and analyst Şirin Baba.

With the stamp duty cut set to revitalize capital markets and boost investor confidence, Şirin Baba believes this development could have broader implications for the cryptocurrency market.

Pazartesi gününden itibaren Çin Maliye Bakanlığı hisse senedi alımlarında damga vergisini %0,1’den 0,05’e düşürecek.

$CFX
August 27, 2023

Particularly, he suggests that assets with existing partnerships with Chinese companies could experience a positive shift. Şirin Baba especially calls attention to four notable crypto assets:

Conflux (CFX)

In January, Conflux secured its place as the chosen blockchain solution for XiaohongShu, often called the “Chinese Instagram.” Conflux also partnered with China Telecom in February.