China is being urged to reevaluate its stance on cryptocurrency, as global policies, particularly in the U.S., undergo significant shifts. Lou Jiwei, a former Chinese finance minister, emphasized the need for China to study the latest developments in digital currencies. His remarks came after the U.S. approved spot Bitcoin Exchange-Traded Funds (ETFs), a move that could signal a growing acceptance of cryptocurrencies in mainstream financial markets.
Lou pointed out that cryptocurrencies pose potential risks, such as financial instability and involvement in money laundering, which remain concerns for Chinese policymakers. However, with the U.S. and other nations embracing crypto innovation, including BRICS countries like Brazil and South Africa, China might need to adapt its approach to stay competitive in the digital economy.
China, despite banning crypto trading and mining in 2021, still controls over 55% of Bitcoin’s global hash rate. As the digital landscape evolves, Lou called for a balanced approach that both mitigates risks and explores the opportunities presented by emerging technologies.
This call for action highlights the tension between safeguarding financial systems and keeping up with global advancements in digital finance.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
