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The conclusion of the US presidential debate has sparked discussions about China's stance on cryptocurrencies. Wang Yang, vice president of Hong Kong University of Science and Technology, criticized China's blanket ban on cryptocurrency mining as shortsighted. He argued that this policy drove miners to relocate to the United States, bringing over $4 billion in tax revenue. Yang suggested that allowing state-owned enterprises to participate in mining or take equity stakes could better manage risks.
Looking ahead, Yang highlighted the potential impact of a Republican presidency, particularly with Donald Trump, on China's cryptocurrency policies. He urged China to reconsider its approach to digital assets, especially in the context of international initiatives like the Belt and Road. Yang emphasized the need for China to align its strategy with global trends in tokenizing real-world assets.
Trump's evolving stance on Bitcoin and cryptocurrencies has also shifted dramatically. He now expresses support for self-custody rights in cryptocurrency, signaling a possible policy shift if elected. Yang acknowledged missing earlier opportunities by dismissing Bitcoin and blockchain as scams in 2012 and 2014.
Reflecting on Hong Kong's role, Yang criticized its slow pace in service and called for a more ambitious vision to lead blockchain technology development in the region.
Concluding, Yang asserted that market dynamics are driving global acceptance of cryptocurrencies, paralleling shifts seen in US government attitudes. He suggested that opening up to cryptocurrencies is an inevitable outcome of market evolution.
