- Former finance minister urges China to rethink its crypto policy.
- China’s allowing ETF investments in Hong Kong signals cautious moves toward crypto.
At an economic forum in Beijing in 2024, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policy.
He acknowledged the risks but stressed the importance of staying informed about global changes, saying: “We must fully recognize its risks and the damage they pose to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect. of the development of the digital economy.
Zhu noted that the United States has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.
He even cited former President Donald Trump, who advocated the adoption of crypto to prevent China from taking over the industry.
Trump opponent Kamala Harris has also recently taken a stance in favor of clear and progressive crypto regulations.
This call for a policy change echoes comments from Tron founder Justin Sun, who urged China to reconsider its stance on crypto following Trump’s endorsement of Bitcoin.
Sun tweeted in July: “China must also step up its efforts…US policies have heated up.” China is expected to make further progress.
Although China maintains a cautious stance, it has taken small steps to open up more to crypto.
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Chinese investors can still purchase cryptocurrencies through Hong Kong-based companies, and in April, three Bitcoin ETFs were launched in Hong Kong.