Let’s dive into some crypto news—straight from China! Zhu Guangyao, the former Minister of Finance in China, recently made some eye-opening comments at a Tsinghua University forum. He said that cryptocurrency is now a "crucial aspect" of the digital economy. Yeah, that’s right, crypto is getting serious attention from top officials!
Zhu didn’t just sing crypto’s praises, though. He made sure to remind everyone that crypto comes with risks. According to him, it has some “negative impacts” and could harm capital markets. But here’s the kicker—Zhu also mentioned that China needs to study crypto more closely. Why? Because of what’s happening globally, and surprisingly, Donald Trump had something to do with it.
At a Bitcoin Conference in Nashville, Trump made a bold statement: the U.S. needs to fully embrace the crypto industry or else “China will do it.” He even compared cryptocurrency to the steel industry from 100 years ago. Trump claimed that crypto could overtake gold one day. Zhu seems to have taken notice, and now China is paying closer attention to crypto trends.
Related: Donald Trump’s 'Critical' China Fears Are Now Becoming Reality
But let’s not get ahead of ourselves. Mainland China is still super cautious when it comes to crypto. On the flip side, Hong Kong is rolling out the red carpet! The city has listed Bitcoin and Ether ETFs and is inviting crypto companies to set up shop. Zhu also pointed out that even the U.S. Securities and Exchange Commission (SEC) has approved Bitcoin and Ether ETFs. Looks like things are heating up in the crypto world!
Related: China's Crypto Gray Market Thrives Despite Ban
While China hasn’t fully embraced cryptocurrency yet, Zhu’s comments show that some serious thinking is happening behind the scenes. Could we see China change its stance on crypto? Only time will tell, but with international pressure and a booming digital economy, it wouldn’t be too surprising.
Click here for more information.
By clicking "Accept", you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in improving your experience.
