China could set off the next Bitcoin supercycle if Beijing lets its citizens trade under tight controls. This is according to former UBS banker Joseph Chee, who gave no timeline.

Chee previously ran Asia investment banking at UBS. He now leads Solana Company, a Nasdaq-listed firm that holds the Solana (SOL) token as its treasury asset.

Hong Kong Is China’s Crypto Test Run

Crypto trading is still illegal on the mainland. In February, the People’s Bank of China (PBOC) and seven other agencies restated that ban and kept stablecoins behind prior government approval.

Speaking on CNBC’s…