President-elect of the United States Donald Trumpthe commitment to support the cryptocurrency The sector could provide further impetus for mainland China to revitalize its digital assets market, according to an industry veteran, as technology competition between the two countries continues to intensify.
“If the US Congress and the (new) president clarify their crypto policies, legislate and constantly promote the industry, it would definitely be a driving force for China to accept (cryptocurrencies),” HashKey Group Chairman and CEO Xiao Feng said in an interview with the South China Morning Post last week.
“China might have needed five or six years to accept (cryptocurrency activities) without these events happening,” he said. “But now, due to these factors, that time frame could be reduced to two years.”
Beijing has maintained a strict ban on initial coin offerings, crypto trading and mining, and other cryptocurrency-related activities in recent years, with Chinese authorities viewing the area as a threat to financial stability and a fertile ground for criminal activities.
Xiao’s comments reflect renewed enthusiasm in the cryptocurrency sector following the election victory of Trump, who pledged during his campaign to put the United States at the center of the digital asset industry, including creating a “national strategic state”. bitcoin store” and remove regulators considered anti-crypto.
