Big news! The dust has settled on the US presidential debate, and China may unblock the crypto market!
Wang Yang, senior vice president of the Hong Kong University of Science and Technology, spoke today, bluntly pointing out that China's decision to completely ban cryptocurrency mining has great limitations. This ban not only led to a large-scale migration of miners to the United States, but also contributed more than $4 billion in tax revenue to the United States. Wang Yang suggested that China should change its strategy and consider allowing state-owned enterprises to participate in mining or take shares, so as to re-evaluate the status of cryptocurrencies in the domestic market while ensuring risk control.
"With Trump likely to take over the White House again, domestic views on digital assets may usher in a major change. Should we embrace this emerging asset class, especially in the development of countries along the 'Belt and Road', the tokenization of real-world assets (RWA) will undoubtedly become a general trend." Wang Yang's words are full of foresight.
He further emphasized: "China's strategic decision-making may really need to follow this trend. After Trump takes office, we may need to re-examine and adjust existing policies in a very short period of time." Trump's recent change in his position on cryptocurrencies has undoubtedly added more variables to this discussion.
Wang Yang frankly reviewed his past. He missed the wave of Bitcoin and blockchain twice in 2012 and 2014, thinking that they were all scams. However, he has changed his mind now.
"Hong Kong's pace in blockchain services is obviously not fast enough, and we seem to be satisfied with the status quo. But Hong Kong should have higher aspirations, firm determination, and even a belief to lead the development of the entire region, including the future direction of blockchain technology." Wang Yang's words are full of passion and expectation.
Market changes are never achieved overnight, but every change heralds new opportunities and challenges. Opening up the cryptocurrency market may be the choice that the Chinese market has to face in the wave of globalization. Please pay attention to the introduction for details. We will share with you the changes of this era and seek common development!
