The 2024 Tsinghua PBC Chief Economist Forum was held in Beijing on September 28. Zhu Guangyao, former vice minister of the Ministry of Finance, attended and delivered a speech, saying that China's concerns about cryptocurrencies are related to the Americans' repeated insistence that cryptocurrencies are risky.

The following is the full text of the encryption part:

Minister Zhu:

A special asset in today's digital economy: cryptocurrency.

For more than a decade, the United States has always believed that this cryptocurrency:

First, it has a huge destructive effect on international anti-money laundering and international anti-terrorist financing.

Second, it has a huge market because the sharp fluctuations in its value have a huge impact on the international financial market.

But this year there has been a significant evolution in US policy:

First, on the Republican side, the Republican Party’s election platform clearly lists the development of cryptocurrency as its campaign platform, and also clearly states that China must be excluded.

During his campaign, Trump also publicly stated that we must embrace cryptocurrencies, otherwise China will replace us; his vice presidential candidate Vance is a venture capitalist himself and owns a large amount of cryptocurrency assets.

As for the Biden administration, Trump said that on the first day of his inauguration, he would remove the current restrictions on the development of digital currency, and the current SEC, which is the U.S. Securities and Exchange Commission, would fire Gensler.

But as for the Chairman of the CSRC, in January this year, the U.S. Securities and Exchange Commission approved 11 Bitcoin spot ETFs to be listed on the New York Stock Exchange, the Nasdaq Stock Market, and the Chicago Mercantile Exchange.

This marks the US government's recognition of the legality of Bitcoin.

In July, its second branch, Ethereum, was listed again.

Therefore, even though Trump has accused the current US Securities and Exchange Commission, the Securities and Exchange Commission, and the entire Biden administration of implementing various policy restrictions on the development of Bitcoin, their attitudes have undergone a fundamental change.

As for emerging market countries in the BRICS, President Putin formally approved it in September this year.

Cryptocurrency. South Africa, Brazil, and India have already been doing it before.

So now the development of our digital currency, cryptocurrency, does have negative impacts, and we must fully recognize its risks and harm to the capital market.

However, we must study the latest changes and policy adjustments internationally, especially the impact of various policies of the Republican and Republican parties in the United States, because it is a crucial aspect to the development of the entire digital economy.

host:

Thank you Minister Xie Zhou. We recall that before 2015, China's digital currency technology was leading the world, especially mining at that time. Now nine years have passed. How far do you think we are behind?

Minister Zhu:

Now it is also closely related to the development of chips because you don’t use it.

What were we worried about?

One is what I just said. It was insisted on many times by the Americans and us at the G20. Just as I just said, anti-terrorist financing and anti-money laundering have been severely impacted, especially the drastic fluctuations in the capital market.

Does he have this problem? But the problem of regulation can be solved.

The gap between us now is that you don't participate. As I said, even if you impose so many restrictions, transactions will still take place through underground channels.

But you do not have the ability to utilize production because you are prohibited by law.

So we have to study new issues, that is, our Central Political Bureau will issue a communiqué. We must face the problems head-on and discuss and solve them.

host:

Thank you, Minister Zhu. So what do we call this field of cryptocurrency? We are far behind!

We are completely separated from the global development of the market. We will discuss this later when we have time. This may also be one of the horses galloping among thousands of horses in the future.