Trump's support for cryptocurrencies may drive China to restore the digital asset market.
Dr. Xiao, chairman of the compliant exchange Hashkey in Hong Kong, stated. Everyone knows that Xiao is quite an authority in the cryptocurrency field, and on November 14, he mentioned this point during a media interview, primarily for two reasons.
First, if the U.S. Congress and the incoming President Trump clarify cryptocurrency policies, continuously legislate, and promote the development of the cryptocurrency industry, this will definitely become a driving force for China to accept cryptocurrencies. In other words, if the U.S. fulfills Trump's promise and strongly supports the cryptocurrency industry, then as the U.S. Congress ensures compliance and development in the U.S., it could rapidly spread worldwide, potentially forcing our country to gradually change its existing cryptocurrency policies.
Second, in 2022, the U.S. and its Western allies excluded Russia from the SWIFT financial information system, which could also prompt Beijing to support cryptocurrency policies. In other words, considering the possibility of being excluded by the U.S. in the financial and trade sectors in the future, I could also seek new non-monopolized financial and trade channels.
Based on the above two points, our country may relax cryptocurrency policies in certain areas or levels. We may allow restricted and regulated stablecoins, and it is also possible to use payment and settlement systems based on regulated stablecoins for self-protection and countermeasures. Based on these two realistic reasons, plus Hong Kong has already started piloting the compliant development of the cryptocurrency industry and business.
Dr. Xiao believes that considering these factors, the cycle for China to accept cryptocurrency business should shorten, possibly within the next two years. Of course, Dr. Xiao also acknowledges that, from the current perspective, the Chinese government has not yet shown any signs of possibly relaxing the ban on cryptocurrencies. This still requires a long process; to suddenly open up and move towards compliant regulation indeed poses difficulties and requires consideration of various factors.
I believe that under the trend, an orderly, compliant, and controllable path may be the cryptocurrency road we can choose in the future. This requires repeated verification and evaluation of the Hong Kong market, as well as factual adjustments of policies in the mainland. I think this day should come.
Compliance will definitely come, but by then ordinary people will have lost a path... (five thousand years of text omitted here).
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