Zhu Guangyao, the former finance minister of China, emphasized the need for the government to thoroughly study the cryptocurrency sector, taking into account recent remarks made during the US presidential campaign. According to Sina News, Zhu stated that while crypto poses risks and negative consequences for capital markets, it is also a vital component of digital economy development, and thus worthy of closer examination.
His comments were reportedly prompted by statements from Republican candidate Donald Trump, who stressed the importance of embracing the crypto industry at a conference in Nashville. Trump noted that if the US fails to fully support the crypto industry, China will likely do so instead.
Zhu also pointed out that despite initial resistance, the US Securities and Exchange Commission has approved bitcoin and ether exchange-traded funds. Meanwhile, Hong Kong has taken a more welcoming approach to cryptocurrency, listing bitcoin and ether ETFs and actively courting the industry.