Former Vice Finance Minister Believes China Should Rethink Its Choices
One of the points raised by Zhu Guangyao was the recent change in the US’s stance on cryptocurrencies. This is because, in the past, the US saw major risks associated with the sector, especially in relation to money laundering and terrorist financing.
However, the former Vice Finance Minister pointed out that even Donald Trump has changed his mind about cryptocurrencies, citing China as his main economic competitor.
“They do have negative impacts, and we must be fully aware of their risks and the damage they can cause to the capital market,” said Guangyao. “However, we also need to analyze the most recent international changes and policy adjustments, as this is a crucial aspect for the development of the digital economy.”
In addition to the US, Guangyao also noted that even Chinese allies have changed their minds over the past few years. Among the countries that stand out are the BRICS countries, including Russia and Brazil.
While Russia legalized cryptocurrencies to circumvent US sanctions, Brazil has simpler legislation, but is still able to collect taxes. According to data from MercadoCripto, Brazil traded R$105.2 billion in cryptocurrencies in the last 12 months.$BTC
