In recent years, China seems to have softened up their stance when it comes to crypto. From the new Anti-money Laundering regulation that will be rolling out in 2025, to a recent study that shows how China controls over 55% of the BTV mining network, it all seems to suggest that there is hope that China might really unban crypto in the next 5 years or even less.
But with one step forward, it seems that China has taken two steps back according to a speech given by former finance minister Lou Jiwei at the prestigious Tsinghua WuDaoKou Chief Economist Forum in Beijing.
There has been a call for China to step up their game when it comes to crypto adoption, but as much as China hopes to step up on its crypto adoption policies, China seems to be taking a more cautious approach when it comes to crypto by conducting a close inspection on the crypto landscape to figure out all the nuances before officially rolling out policies to adopt crypto in the country.
Lou first warms about the potential risk that crypto brings to financial stability, given its volatility and their role in money laundering. Lou adds that there is currently a shifting stance towards cryptocurrencies in the U.S, which puts pressure on the shoulder of China to keep up with the economic development of the west, but it is also important that China stays updated on global shifts and understands all the risks and harms it poses to the capital market before embracing crypto into China.
First, Lou warns of the negative implications cryptocurrencies could have on global markets, especially due to the extent to which price fluctuations can create financial instability.
Furthermore, digital currencies have also been seen as a threat to financial security given the prevalence of terrorism financing and money laundering in the digital asset landscape.
The former finance minister emphasized the importance of thoroughly assessing these risks to protect financial systems from potential disruptions."
Above everything else, Lou has pointed out the importance of Chinese policymakers to keep a close eye on the crypto development in the west.
One example would be the 2024 Presidential Election, and how this election turned out to be a crypto war between the two candidates. Trump, who previously held a critical opinion crypto, has made a drastic shift to be an advocate of crypto. Vice President Harris announced during a fundraiser that she would be promoting digital assets as part of her economic policy if she wins the 2024 Presidential Election.
Lou underscored the significance of examining the risks and innovations of the digital economy, particularly in response to the U.S. embracing cryptocurrencies within its financial markets.
The US's change in attitude towards crypto would also signal that China would most likely follow suit, but China doesn't want to go all out on something that has so much uncertainty. I feel that it would be more likely that China would be taking the next few years to observe the global market and how the US is doing with whichever candidate leading the crypto charge before making their own run for the crypto industry.
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