Although it is old news, I have seen many articles about China's "lifting of the ban" on cryptocurrency mining recently, and reflections on this policy are also increasing.
On July 2, the South China Morning Post published an article by Professor Wang Yang, Vice President of HKUST. As a leading academic figure who supports cryptocurrency, Wang Yang's main views are:
1. It is an unwise decision for China to completely ban cryptocurrency mining, which has caused related businesses to be transferred to the United States, contributing a lot of tax revenue to the United States.
2. It is estimated that the United States has received about US$4 billion in cryptocurrency mining taxes due to the Chinese ban.
3. It is recommended that the Chinese government manage risks by allowing state-owned enterprises to participate in mining or holding shares in cryptocurrency companies.
4. In the context of increasing geopolitical risks and if Trump is re-elected as president, China should re-evaluate relevant policies.
5. It is believed that Hong Kong should be more active in developing the digital asset ecosystem and criticized its slow pace of service and complacency.
6. It admitted that he had underestimated the potential of Bitcoin and blockchain technology and missed investment opportunities.
7. It reflects the ongoing debate on cryptocurrency policy in China, with some scholars and experts questioning the long-term sustainability of strict control practices.
In short, Wang Yang called on China to reconsider its cryptocurrency policy and suggested a more flexible regulatory approach to manage risks and seize opportunities.
It should be noted that as of July 2024, cryptocurrency-related business activities in China are illegal financial activities, and related views must also be considered and judged based on a legal and compliant framework.