Ex-Chinese Vice Minister Urges China To Assess Cryptocurrencies Following US Bitcoin Pivot: Report

A former high-ranking Chinese government official is reportedly urging his country to look into cryptocurrencies.

Chinese media outlet Sina reports that Zhu Guangyao, the former vice minister of the Ministry of Finance, spoke at an economic forum in Bejing over the weekend and called attention to the evolving regulatory attitudes toward crypto in the United States.

Guangyao reportedly mentioned the U.S. Securities and Exchange Commission’s (SEC) decision to approve spot Bitcoin (BTC) exchange-traded funds (ETFs), as well as former President Donald Trump’s choice to include supporting crypto in his 2024 presidential campaign platform.

Said the former vice minister,

“It does have negative effects, and we must fully recognize its risks and harm to the capital market, but we must study the latest international changes and policy adjustments because it is a crucial aspect to the development of the digital economy.”

The Chinese government banned crypto mining and trading in 2021. The crypto analytics firm Chainalysis notes that traders in the country have turned to over-the-counter (OTC) or peer-to-peer (P2P) methods of trading to avoid detection.

“If we look at a selection of China-based OTC platforms, we see tremendous growth, particularly since mid 2023. Many of these platforms have capitalized on the enduring interest in crypto among Chinese investors and found innovative ways to facilitate crypto trading, and some have adapted to the regulatory environment.”

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