The US presidential debate is over, China no longer bans the encryption market!

Wang Yang, Vice President of the Hong Kong University of Science and Technology, recently expressed his opinion that China’s comprehensive ban on cryptocurrency mining is unwise. He noted that the move resulted in a mass migration of miners to the United States, bringing more than $4 billion in tax revenue to the United States. He suggested that instead of a complete ban, it would be better to consider allowing state-owned enterprises to participate in mining or take shares to ensure that risks are effectively controlled.

Wang Yang further stated that with the possible election of Republican presidential candidate Trump, the Chinese government should re-examine the meaning and value of cryptocurrency. He believes that China may rethink the nature of digital assets and whether it should actively embrace digital assets. Especially in the development of the “Belt and Road” countries, asset tokenization (RWA) may become an inevitable trend.

He emphasized: “If Trump takes office, China will need to re-evaluate all relevant policies in a very short period of time.” It is worth noting that Trump’s stance on Bitcoin and cryptocurrencies has changed significantly recently, saying Willing to support self-custody for cryptocurrencies.

Wang Yang also candidly shared the process of changing his perspective. He revealed that in 2012 and 2014, he twice believed that Bitcoin and blockchain were both scams, and therefore missed related development opportunities.

Wang Yang expressed concerns about Hong Kong’s development in blockchain technology. He believes that Hong Kong is too slow in terms of services and is content with the status quo. Instead, it should have higher goals and lead the development of the entire region with determination and belief, including the future direction of blockchain technology.

Overall, market changes are irreversible, and opening up the cryptocurrency market may be the inevitable result of market push, just as the U.S. government has begun to accept developments in this field.