Former Chinese Finance Minister: "China Must Change Cryptocurrency Policy Following Global Trends"

"Cryptocurrencies require sufficient research due to the associated risks" "China should reconsider its ban policy by referencing the US's adoption cases" Former Chinese Finance Minister Zhu Guangyao argued that China should also seek careful investigation and change in response to the global dynamics surrounding cryptocurrencies, including the US's approval of Bitcoin (BTC) spot exchange-traded funds (ETFs). According to a report by Sina Finance on the 28th, at the Chief Economist Forum held in Beijing, former Vice Minister Zhu Guangyao emphasized the need to reconsider the Chinese government's current blanket ban on cryptocurrencies. While Zhu acknowledged the risks that cryptocurrencies pose to financial stability, he pointed out that cryptocurrencies have become an important part of the global economy. He said, "Cryptocurrencies can pose a major threat to financial stability, so we need to thoroughly investigate cryptocurrencies and consider the potential damages." He added, "Despite the great risks, cryptocurrencies have become an important aspect in the international community. As the US has approved Bitcoin (BTC) spot ETFs and made cryptocurrencies a key agenda in presidential campaigns, China should also consider thorough investigation and policy review of cryptocurrencies." China was once a leading force in the cryptocurrency market, with extensive Bitcoin mining activities and major exchanges operating in the country. However, in 2021, the Chinese government declared a comprehensive ban on cryptocurrencies. Despite China's cryptocurrency ban, it was recently revealed that small-scale mining operations in China have accounted for around 55% of the global Bitcoin hash rate.