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Former vice minister of finance for China, Zhu Guangyao, urged more research on advancements in cryptocurrencies and pertinent worldwide legislative changes.
Speaking on Saturday at a banking and economic symposium in Beijing, Zhu stated during a roundtable discussion that cryptocurrencies do in fact have negative effects and “We must fully recognize their risks and the harm they pose to capital markets.However, we must also study the latest international developments and policy adjustments, particularly the influence of U.S. bipartisan policies, as this is a crucial aspect for the development of the entire digital economy,”
Zhu made the comments during the Tsinghua PBCSF Chief Economists Forum, an extensively observed gathering of eminent economists, scholars, and former officials of the Chinese government.
Noting all crypto trading activity on the mainland, the People’s Bank of China, the Supreme People’s Court, and numerous other central authorities sent a warning in September 2021 prohibiting The restriction made clear that services rendered to mainland Chinese citizens by foreign crypto exchanges are regarded as illicit financial activity. Still, a lot of investors figured out ways to trade crypto outside the regulations.
With the Republican Party endorsing crypto as part of its presidential campaign, Zhu said the U.S. seems to be undergoing substantial changes in how it intends to handle crypto. Zhu claims that the U.S.’s earlier this year spot crypto exchange-traded fund listing shows a basic change in crypto governance.
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