Is China going back to crypto? Signals are getting stronger
After the claims that China will return to crypto, the signals began to strengthen in this direction. The latest statements made by a senior member of the Chinese Communist Party were interpreted as "China's approach is changing."
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China may be looking for ways to step back from the cryptocurrency ban it introduced in 2021. After the allegations that China will lift this ban by the end of the year, positive signals have started to come in this direction in recent days.
Recently, China's former deputy finance minister Zhu Guangyao said that Chinese authorities should reconsider their stances towards crypto. While describing cryptocurrencies as "a vital element for the development of the digital economy", Guangyao drew attention to the developments in the USA. Guangyao stated that the USA has started to embrace the sector and that China needs to keep up with this situation in order not to be left behind.
âChina's approach is changingâ
According to the US-based cryptocurrency exchange Coinbase, China's approach to crypto is changing. Coinbase's research analysts David Duong and David Han stated in their latest report that Guangyao is a senior party member and his comments are therefore important. âDue to the fact that Zhu Guangyao is a senior party member, we think these comments are meaningful and can give positive signals for this asset class,â the analysts commented.
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