Zhu Guangyao, the former vice minister of the Ministry of Finance, has urged China to closely monitor and study the latest developments in cryptocurrencies and related international policies. He emphasized the importance of understanding these trends for the country’s digital economy.
Chinese Official Suggests Balance Between Cryptocurrency Risks and Global Policy Adjustments
Speaking at the 2024 Tsinghua PBC Chief Economist Forum in Beijing, Zhu Guangyao highlighted the need to strike a balance between recognizing the potential risks and harms of cryptocurrencies while remaining informed about global policy adjustments.
He reviewed the evolving international landscape surrounding cryptocurrencies, noting that the United States has historically viewed them with suspicion due to their potential for money laundering and terrorism financing. Additionally, the volatile nature of cryptocurrency prices has raised concerns about their impact on the global financial market.
However, Zhu Guangyao pointed out a significant shift in U.S. policy this year. Former President Donald Trump’s campaign platform explicitly embraced cryptocurrencies, and he publicly expressed concerns about China potentially overtaking the United States in this area. Furthermore, the U.S. Securities and Exchange Commission has approved the listing of numerous Bitcoin ETFs, signaling a growing acceptance of cryptocurrencies within the traditional financial system.
Beyond the United States, other emerging market countries and members of the BRICS group, including Russia, South Africa, Brazil, and India, have also taken steps to address cryptocurrencies and their potential implications.
