đ¨đł China May Reconsider Crypto Ban Amid Trumpâs Pro-Crypto Policies
HashKeyâs Xiao Feng says Trumpâs crypto-friendly policies could push China to re-enter the digital asset market.
Trump appoints Elon Musk and Vivek Ramaswamy to lead a new tech-focused government department, signaling a pro-crypto stance.
Recently, HashKey Group Chairman Xiao Feng created ripples in the digital asset sector by speculating that Trump administration measures endorsing cryptocurrency would inspire China to reactivate its digital asset market within two years.
Feng pointed out that Western sanctionsâparticularly the isolation of Russia from the SWIFT payment system in 2022âmay also force China toward quickening its stance on crypto
Feng claims that the latest Trump initiatives show a proactive and forceful sentiment toward advancing the crypto sector in the United States; thus, China could have to rethink its stance and start reentering the digital asset market.
NEW: Hashkey Group CEO Xiao Feng suggests that Trumpâs pro-crypto đşđ¸ US administration could push đ¨đł China to consider easing restrictions on #Bitcoin and digital assets. #Crypto #China
Chinaâs Crypto Stance Faces Global Pressure Amid U.S. Policy Shift
The possible change in Chinaâs stance coincides with notable global interest in crypto following the electoral triumph of Trump. Trumpâs comeback to power and the acceptance of blockchain and crypto technologies by his government have set people debating Chinaâs reaction.
China banned trading and mining crypto strictly in 2021, but Feng thinks these U.S. policies might set off a chain reaction that causes China to change its austere stance.
Chinaâs previous prohibition on crypto mostly aimed at decentralized finance and speculative trading, but Trumpâs strategic drive could force China to investigate reopening areas of its digital asset market in order to stay competitive in the world financial space.
