At a recent forum hosted by Tsinghua University, Zhu Guangyao, China’s former finance minister, emphasized that the government needs to closely examine the cryptocurrency sector. His remarks come in response to increasing international discussions, especially from the United States.
“Crypto brings both risks and opportunities,” said Zhu, as quoted by Sina News. He warned about the potential negative impacts on capital markets but highlighted the necessity of keeping up with global policy shifts. The ex-minister also called cryptocurrency a crucial aspect of the evolving digital economy.
Zhu directly referred to comments made by U.S. Republican Presidential Candidate Donald Trump, who stressed the urgency for America to fully embrace crypto or risk falling behind China. At the July Bitcoin Conference in Nashville, Trump compared the crypto industry to the steel industry of the early 20th century, stating, “It could eventually outshine gold.”
In addition, Zhu acknowledged the SEC’s approval of Bitcoin {{BTC}} and Ether {{ETH}} exchange-traded funds (ETFs), which faced initial resistance. This reflects a more open stance in some parts of the world, while mainland China remains conservative about crypto.
Notably, Hong Kong, with its semi-autonomous governance, has taken a more favorable approach, listing Bitcoin and Ether ETFs and encouraging crypto-related businesses to establish a foothold in the city.
