China's Former Minister of Finance Calls Crypto a 'Crucial Aspect' of Digital Economy

China's former minister of finance, Zhu Guangyao, has called on Beijing to pay more attention to the crypto markets in a speech at a summit hosted by Tsinghua University.China's former minister of finance, Zhu Guangyao, said at a forum hosted by Tsinghua University that the government should study crypto more closely, given remarks made on the U.S. campaign trail..

Sina reports that Zhu pointed directly at Republican Candidate Donald Trump's remarks as a need for further action by Beijing.Crypto, he said at the time, is"the steel industry of 100 years ago. You're just in your infancy. One day, it probably will overtake gold. There's never been anything like it."

While mainland China remains cautious on crypto, Hong Kong – which maintains a semi-autonomous system of government and market regulations – has embraced it,in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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