Key Takeaways:
- Former Chinese finance minister Zhu Guangyao called for increased scrutiny of cryptocurrency markets due to potential risks to capital markets.
- Zhu highlighted the growing global importance of crypto as part of the digital economy, especially following Donald Trump’s pro-crypto remarks at the Bitcoin Conference.
- He noted the contrast between U.S. support for crypto ETFs and China’s more cautious stance, while Hong Kong pushes ahead with crypto-friendly regulations.
China’s former finance minister, Zhu Guangyao, has urged Beijing to increase scrutiny of cryptocurrency markets, especially in light of recent remarks by U.S. Republican candidate Donald Trump.
Speaking at a summit, Zhu emphasized the risks that crypto poses to capital markets, urging the government to carefully study its potential impact.
CHINA'S EX-FINANCE MINISTER: CRYPTO IS KEY TO THE DIGITAL ECONOMY
— Mario Nawfal’s Roundtable (@RoundtableSpace) September 30, 2024
Zhu Guangyao, former finance minister of China, just dropped some serious knowledge at Tsinghua University.
He’s pushing for a deeper dive into crypto as a major player in the digital economy, while keeping it… pic.twitter.com/P1LQ0gSM81
He acknowledged the global importance of crypto, noting it is becoming a key component of the digital economy.
Trump, at the Bitcoin Conference, encouraged the U.S. to embrace crypto, warning that if America lags, China might take the lead.
He likened the crypto industry’s potential to that of the steel industry a century ago.
Zhu also mentioned the U.S. Securities and Exchange Commission’s (SEC) recent approval of Bitcoin and Ether exchange-traded funds (ETFs), contrasting this with China’s cautious stance, while Hong Kong actively supports crypto business through its semi-autonomous regulatory framework.
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