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China’s former Finance minister calls crypto “crucial”

China’s former Finance minister calls crypto “crucial”

Zhu Guangyao, China's former finance minister, has urged Beijing to focus more closely on the cryptocurrency market during a speech.

Image of Sahil ThakurSahil ThakurNews

Sep 30, 2024

Image of Sahil Thakur

Sahil Thakur

Zhu Guangyao, China’s former finance minister, has urged Beijing to focus more closely on the cryptocurrency market during a speech at a Tsinghua University summit. He emphasized the potential risks and threats that crypto could pose to capital markets, calling for greater awareness and regulation.

  • Zhu warned that crypto has “negative impacts” and urged the government to fully recognize its risks.
  • He pointed to the changing international landscape, including remarks by U.S. candidates like Donald Trump, who advocated for a stronger embrace of crypto.
  • Zhu also referenced the approval of Bitcoin and Ether ETFs by the U.S. Securities and Exchange Commission (SEC) as a sign of growing acceptance globally.

While China remains cautious about cryptocurrencies, Hong Kong has taken a more open stance, listing Bitcoin and Ether ETFs and welcoming the industry as part of its semi-autonomous market structure. This contrast highlights different approaches to crypto regulation within China’s borders.

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