Former Chinese finance vice-minister, Zhu Guangyao, emphasized the importance of cryptocurrencies for the digital economy, urging China to catch up with the US in embracing the industry. Despite the risks associated with cryptocurrencies, Zhu believes they are crucial for the development of the digital economy.
In light of significant changes in crypto policy in the US, Zhu suggests that China should study these developments and re-evaluate its ban on cryptocurrencies. He joins a growing number of Chinese economists advocating for a review of China’s crypto ban amid global expansion in the sector.
China initially banned ICOs and shut down crypto exchanges in 2017, followed by a more stringent crackdown in 2021, including the ban on bitcoin mining. Chinese authorities view cryptocurrencies as a threat to financial stability and a facilitator of illicit activities.
