- Former Finance Minister urges China to rethink crypto policy.
- China’s allowance of Hong Kong ETF investments indicators cautious steps towards crypto.
At a 2024 financial discussion board in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto method amid accelerating US insurance policies.
He acknowledged the dangers however harassed the significance of staying up to date on international shifts, stating, “We should absolutely recognise its dangers and the hurt it poses to capital markets, however we should research the newest worldwide modifications and policy changes as a result of it’s a essential side of digital economic system improvement.”
Zhu famous that the US has made vital policy modifications this 12 months, together with the approval of 11 Bitcoin ETFs.
He even quoted former President Donald Trump, who has been advocating for embracing crypto to stop China from taking the lead within the sector.
Trump’s opponent, Kamala Harris, has additionally just lately adopted a stance on clear-cut and progressive crypto laws.
This name for a policy shift echoes feedback from Tron founder Justin Solar, who urged China to rethink its stance on crypto following Trump’s endorsement of Bitcoin.
Solar tweeted in July, “China additionally wants to step up… US insurance policies have warmed. China ought to make additional progress.”
Whereas China maintains a cautious stance, it has taken small steps in direction of changing into extra open to crypto.
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Chinese language buyers can nonetheless buy crypto via Hong Kong-based firms, and in April, three Bitcoin ETFs have been launched in Hong Kong.
