🚨BREAKING: CHINA Adopting Crypto ??!

Zhu Guangyao, China's former Minister of Finance, has called on Beijing to take a closer look at the crypto industry, emphasizing both its risks and its potential role in the digital economy. Speaking at a summit hosted by Tsinghua University, Zhu stressed that while crypto poses significant dangers to capital markets, it is also an essential area that needs further study in light of global developments.

Zhu’s remarks were sparked by comments from Republican candidate Donald Trump, who urged the U.S. to fully embrace crypto or risk falling behind China. At the Bitcoin Conference in Nashville, Trump likened crypto to the steel industry of 100 years ago, predicting that it could eventually overtake gold. Zhu noted that the international shift in crypto policies, including the U.S. SEC’s approval of Bitcoin (BTC) and Ethereum (ETH) ETFs, should serve as a wake-up call for China. While mainland China remains cautious, Hong Kong has embraced crypto, listing Bitcoin and Ether ETFs and actively courting the industry.

Zhu warned of the negative impacts of crypto, urging the government to recognize its potential harm to financial stability.

However, he also acknowledged that crypto is a crucial element of the evolving digital economy and called for a measured approach to understanding its global impact, particularly in the context of changing U.S. policies. China's position on crypto remains conservative, but as global crypto adoption rises, voices like Zhu’s could signal a shift in Beijing’s long-term strategy.

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