Former finance minister urges China to rethink crypto policy China's allowance for Hong Kong ETF investments signals cautious moves towards crypto.
At the 2024 Economic Forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto policy in the face of accelerating US policies.
He acknowledged the risks, but stressed the importance of staying updated on global shifts, stating“We must fully recognize its risks and harm to capital markets, but we must study the latest international changes and policy amendments because this is a key factor in the development of the digital economy.”
The comments were reported in SINA Finance.
Xu noted that the US has made significant policy changes this year, including the approval of 11 bitcoin ETFs.
He also quoted former President Donald Trump as advocating the embrace of crypto to prevent China from taking the lead in the field.
Trump's rival Kamala Harris has also recently taken a stance on clear and progressive crypto regulations.
The call for a policy change echoes comments by Tron founder Justin Sun, who urged China to reconsider its stance on crypto following Trump's endorsement of bitcoin.
In July, Sun tweeted, “China needs to step up too… America's policies have heated up. China needs to make more progress.
Join the community to get our latest articles and updates
China has taken small steps to become more open to crypto, though it remains cautious.
Chinese investors can still buy crypto through Hong Kong-based firms, and in April, three bitcoin ETFs were launched in Hong Kong.
Related TopicsCrypto ETFHONG KONGBITCOIN
