Zhu Guangyao, former deputy Finance Minister of China, has urged the government to reconsider its approach to Bitcoin and cryptocurrencies. Speaking at a forum in China, Zhu acknowledged the risks associated with digital assets but also highlighted their growing significance in the global digital economy. He emphasized the need for deeper research into the technology and the importance of studying international trends and policy adjustments. Zhu pointed to the shift in US policy, with former President Donald Trump supporting the cryptocurrency industry and the approval of Bitcoin ETFs by the US Securities and Exchange Commission. He also highlighted the developments in emerging markets and BRICS nations, such as Russia, South Africa, Brazil, and India, which have integrated crypto into their financial systems. The forum emphasized the need for China to stay informed about international shifts in crypto policy to remain competitive in the rapidly evolving digital economy. China has imposed various restrictions on Bitcoin and cryptocurrencies over the years, including banning financial institutions from engaging in crypto transactions, prohibiting ICOs, shutting down domestic exchanges, and implementing a complete ban on Bitcoin mining and trading. However, underground trading and Chinese mining pools continue to operate despite the bans.



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