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TLDR Former Chinese finance minister calls for closer study of crypto Cites Trump’s campaign remarks as reason for Beijing to pay attention Acknowledges risks but calls crypto crucial to digital economy Notes SEC approval of Bitcoin and Ethereum ETFs Contrasts mainland China’s caution with Hong Kong’s crypto embrace Zhu Guangyao, China’s former minister of finance, has called on Beijing to pay closer attention to the cryptocurrency markets. Speaking at a summit hosted by Tsinghua University, Zhu emphasized the need for the Chinese government to study recent international changes and policy adjustments in the crypto space. The former minister’s remarks come in light of comments made by Republican presidential candidate Donald Trump on the U.S. campaign trail. At the Bitcoin Conference in Nashville this July, Trump stated that the United States must fully embrace the crypto industry, warning that “China will do it” if America doesn’t take the lead. Zhu highlighted Trump’s comparison of the crypto industry to the steel industry of a century ago, noting the candidate’s prediction that cryptocurrency might one day overtake gold. This high-profile endorsement of crypto by a major U.S. political figure seems to have caught the attention of Chinese officials. While acknowledging the potential of cryptocurrencies, Zhu also stressed the importance of recognizing the risks associated with them. He stated that crypto “has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets.” However, he balanced this caution by describing cryptocurrency as “a crucial aspect of digital economy development.” The former finance minister also pointed to recent developments in the United States financial sector as a reason for China to reassess its stance on crypto. Specifically, he mentioned the Securities and Exchange Commission’s (SEC) approval of bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs), despite initial opposition from…

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Filed under: News - @ September 30, 2024 9:20 am