Former Chinese Finance Minister Calls for Closer Study of Cryptocurrency

At the 2024 Tsinghua PBC Chief Economist Forum, former Chinese Vice Minister of Finance Zhu Guangyao urged China to re-evaluate its approach to the crypto industry.

“It does have negative effects, and we must fully recognize its risks and harm to the capital market,” he said. “But we must study the latest international changes and policy adjustments because it is a crucial aspect of the development of the digital economy,” he added. However, Zhu observed that their policy has undergone a shift this year. He pointed to Donald Trump’s 2024 presidential campaign, which has openlythe assets, with the American politician publicly cautioning that “we must embrace cryptocurrencies, otherwise China will replace us.”

Zhu also mentioned that emerging economies, including BRICS nations such as Russia, South Africa, Brazil, and India, are alsoChina’s relationship with the crypto industry has been complex and restrictive,It began in December 2013 when the People’s Bank of China and other regulatory bodies issued a notice prohibiting banks from handling Bitcoin transactions.

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