The government should study crypto more closely, as stated at a forum hosted by Tsinghua University by China's former minister of Finance, Zhu Guangyao.
According to Sina News, quoting him, crypto
Has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets.
However, we must also study the latest international changes and policy adjustments, as it is a crucial aspect of digital economy development.
As reported by Sina, Zhu pointed directly at the remarks of Donald Trump as a need for further action by Beijing.
Trump stated at the Bitcoin Conference in Nashville in July that the United States must embrace the crypto industry fully or China will do it.
He said at the time, crypto is
the steel industry of 100 years ago. You're just in your infancy. One day, it probably will overtake gold. There's never been anything like it.
Zhu added that in spite of early objections, the Securities and Exchange Commission (SEC) had approved exchange-traded funds (ETFs) for bitcoin (BTC) and ether (ETH).
While China remains vigilant about crypto, Hong Kong has embraced the industry listing Bitcoin and ETH ETFs.
Thoughts?
Image Source: CNBC
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