Xiao Feng from HashKey believes that Trump’s pro-crypto stance may encourage China to accelerate its adoption of Cryptocurrencies.
Potential Shift in China’s Crypto Regulations Due to Trump
HashKey Group chairman Xiao Feng suggested in an interview that the pro-crypto policy of newly elected U.S. President Donald Trump might push China to reconsider its position on digital assets. Despite China’s existing bans on cryptocurrency trading, mining, and initial coin offerings, Xiao indicated that geopolitical factors, including U.S.-led sanctions against Russia over the Ukraine conflict, might expedite China’s shift in stance.
"Without these factors, China might have taken another five or six years to adopt crypto businesses. Now, because of these events, this timeline might be shortened to two years," Xiao explained.
Trump’s Vision of Crypto Freedom as an Impetus for China
Trump pledged during his campaign to prioritize crypto on a global scale, aiming to make the U.S. the leading hub for the crypto sector. He also committed to removing regulatory barriers that he deems anti-crypto. Xiao believes that this strategy from Trump could push China to relax its strict restrictions on digital assets. Currently, China sees cryptocurrencies as a potential threat to financial stability and has associated them with criminal risks.
China’s Digital Currency Remains a Priority
However, there are no signs that China will shift its focus away from its state-controlled digital currency. Recently, it introduced a new central bank digital currency (CBDC) payment card, which functions as a traditional debit or credit card while displaying real-time balance updates and dynamic QR codes for payments.
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