Zhu Guangyao, China's former minister of finance, has emphasized the need for the Chinese government to pay more attention to the crypto markets and recognize the risks and harm it poses to capital markets. He specifically mentioned remarks made by Donald Trump during his campaign, suggesting that China should take further action in response. Zhu also highlighted the approval of bitcoin and ether exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC), despite initial opposition. While mainland China remains cautious, Hong Kong has embraced the crypto industry by listing bitcoin and ether ETFs and actively courting the industry to open up shop in the city.



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