Former Chinese Finance Minister Zhu Guangyao Urges the Country to Rethink Its Crypto Approach Amid Accelerating US Policies

At a 2024 economic forum in Beijing, former Finance Minister Zhu Guangyao urged China to rethink its crypto approach amid accelerating US policies.

Former Finance Minister Zhu Guangyao has called on China to reconsider its approach to cryptocurrencies in light of accelerating US policies.

Speaking at a 2024 economic forum in Beijing, Zhu acknowledged the risks but stressed the importance of staying updated on global shifts.

“We must fully recognise its risks and the harm it poses to capital markets, but we must study the latest international changes and policy adjustments because it is a crucial aspect of digital economy development.”

The US has made significant policy changes this year, including the approval of 11 Bitcoin ETFs.

Even former President Donald Trump has been advocating for embracing crypto to prevent China from taking the lead in the sector.

His opponent, Kamala Harris, has also recently adopted a stance on clear-cut and progressive crypto regulations.

This call for a policy shift echoes comments from Tron founder Justin Sun, who urged China to reconsider its stance on crypto following Trump’s endorsement of Bitcoin.

“China also needs to step up,” Sun tweeted in July. “US policies have warmed. China should make further progress.”

While China maintains a cautious stance, it has taken small steps towards becoming more open to crypto.

Chinese investors can still purchase crypto through Hong Kong-based firms, and in April, three Bitcoin ETFs were launched in Hong Kong.

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