**Former Chinese Finance Minister Warns on Crypto Risks**

During the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, ex-Chinese finance minister Lou Jiwei urged China to scrutinize cryptocurrency advancements. He highlighted potential risks to financial stability, such as volatility and money laundering.

Lou noted the US SEC's recent approval of Bitcoin ETFs, signaling a significant policy shift. He emphasized the need for China to monitor these international changes closely.

Despite China's 2021 ban on BTC mining, the country still controls over 55% of the BTC network. However, this dominance is gradually shifting to US mining firms, now managing around 40% of operations.