During the 2024 Tsinghua PBOC Chief Economist Forum, Zhu Guangyao called on the country to enhance its cryptocurrency research in light of changing US policies.
Guangyao stressed the significance of this research as a crucial element in developing the digital economy.
From 2010 to 2018, while in office, Zhu Guangyao examined the global finance scene and its expanding markets alongside rising digital currencies. In his recent address, Guangyao emphasized that although cryptocurrencies carry some risks, such as how they affect the capital market and connect to criminal activities, China must thoroughly examine these digital assets.
He noted that the U.S. has changed its perspective significantly by moving from viewing cryptocurrencies as a threat to crediting them with their potential in real-world financial work. Approval for Bitcoin and Ether ETFs reflects a significant turning point in how regulators view cryptocurrencies.
Guangyao mentioned the shifting global views on cryptocurrencies in the United States, where they have found their place within the economic framework. He referenced the situation of former American President Donald Trump, who positioned crypto policy as a vital element of his election agenda. The U.S.'s action highlights China's need to embrace an active strategy for grasping and possibly incorporating cryptocurrencies into its economic systems to stay ahead.
Although trading and mining cryptocurrencies are illegal in China, the former vice minister indicates a need to review those policies in response to shifts in global finance. Practicing economic modalities like digital currencies could help overcome the financial burdens from reduced sectors like stocks and real estate for China.