Former Chinese Finance Minister Lou Jiwei has called for a thorough review of cryptocurrencies, especially after the US approved Bitcoin ETFs. However, he has warned of the major risks of cryptocurrencies, including volatility and the potential for money laundering. While China has remained firm on cryptocurrencies, there have been recent signs that they are starting to take a more cautious stance. Perhaps some easing of regulations will come in the future, especially as Hong Kong emerges as a bright spot in the cryptocurrency industry with Beijing’s discreet backing.