Should China Reassess Its Stance on Cryptocurrencies? Insights from Former Finance Official
Zhu Guangyao, the former vice minister of China’s Ministry of Finance, has called for a thorough examination of global cryptocurrency policy changes to enhance the country’s digital economy.
His comments come in light of a recent Chainalysis report highlighting a significant uptick in activity among over-the-counter (OTC) crypto brokers in China, with investments exceeding $75 billion over the past nine months. This trend reflects a growing interest among Chinese citizens in using cryptocurrencies to safeguard their wealth amid economic concerns.
Speaking at the 2024 Tsinghua PBC Chief Economist Forum in Beijing, Guangyao emphasized the need for China to reassess its negative stance on digital assets and to consider the evolving global landscape in the crypto industry. He acknowledged the risks associated with cryptocurrencies but insisted that understanding international developments and policy shifts is vital for advancing the digital economy.
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Guangyao pointed out that U.S. policies on digital assets have undergone significant changes this year, despite earlier government perceptions of crypto as a major threat to anti-money laundering efforts. He noted that the upcoming U.S. presidential election could bring further changes, particularly in light of the growing acceptance of spot Bitcoin exchange-traded funds.
He referenced statements made by former President Trump, who highlighted the importance of embracing cryptocurrencies to maintain competitiveness against China. Additionally, Guangyao suggested that China should take cues from emerging markets and BRICS nations like Russia, South Africa, and Brazil, which have begun to adapt their policies on cryptocurrency.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
