As the United States makes a U-turn on cryptocurrency policy, former Chinese Deputy Finance Minister Zhu Guangyao publicly called on the Beijing authorities to pay attention to the development of cryptocurrency and emphasized that even if cryptocurrency is completely banned, underground transactions will still be difficult to eradicate. However, at the same time, the country Unable to benefit from the production capacity of mining activities, it is necessary to "face the problem head on" and evaluate whether it is necessary to adjust policies.
Zhu Guangyao pointed out at the "2024 Tsinghua PBC Chief Economist Forum" on September 28 that for more than a decade, the United States has always believed that cryptocurrency has huge destructive power on international anti-money laundering and international anti-terrorism financing, but this year 1 However, it approved the listing of Bitcoin spot ETF in March.
Zhu Guangyao said, "This marks the U.S. government's recognition of the legality of Bitcoin" and "a fundamental change in attitude." Furthermore, the Republican Party has clearly listed the development of cryptocurrency as Trump's campaign platform. Looking at other countries, Russia, South Africa, and Brazil are all actively promoting cryptocurrency policies, he said:
Therefore, if we talk about the development of digital currency now, cryptocurrency does have a negative impact, and we must fully understand its risks and harm to the capital market.
However, we must study the latest international changes and policy adjustments, especially the impact of this policy of the US Republican Party, because it is a crucial aspect of the development of the entire digital economy.
China issued a ban in 2021 to completely block cryptocurrency trading and mining activities. "Mining Holy Lands" such as Inner Mongolia, Xinjiang, Yunnan, and Sichuan have successively introduced policies that exclude mining, leading to a large-scale migration of Chinese miners and deepening the understanding of cryptocurrencies in other countries. Participation in the currency industry provides opportunities. When asked "How different is China's cryptocurrency technology from the international market?" Zhu Guangyao responded:
The gap we have now is that "you don't participate", but as I said, even if you are so restrictive, there will be transactions through underground channels, but your ability to utilize production will not be available, because your laws prohibit it.
Therefore, we have to study new issues, which is a communiqué from the Political Bureau meeting of the Central Committee. We must face the problem head-on, discuss it, and solve it.
〈The United States cannot be allowed to lead! China’s former deputy finance minister called on the Beijing authorities to “pay attention to research on the development of cryptocurrency.” This article was first published on Blockchain.
