Former Chinese Vice Minister of Finance Zhu Guangyao: We need to pay attention to the development of cryptocurrency
The 2024 Tsinghua Wudaokou Chief Economist Forum was held in Beijing on September 28th. Zhu Guangyao, former Deputy Minister of Finance, attended and delivered a speech. Zhu Guangyao urged the importance of studying the development of cryptocurrencies, "It indeed has negative impacts, we must fully recognize its risks and harm to capital markets. However, we must study the latest international changes and policy adjustments because it is crucial for digital economy development."
Zhu reviewed the evolution of cryptocurrency; over the past decade or so, America has always believed that cryptocurrency poses a significant threat to international anti-money laundering efforts and counter-terrorism financing. Additionally, violent fluctuations in cryptocurrency values have greatly impacted international financial markets. But this year there's been a major shift in U.S policy towards it. According to Zhu Guangyao's introduction: Trump’s campaign platform explicitly included cryptocurrencies with him publicly stating “We must embrace cryptocurrencies otherwise China will replace us.” The US Securities and Exchange Commission also approved eleven Bitcoin ETFs for listing on stock and futures markets. Meanwhile emerging market countries including BRICS nations such as Russia, South Africa, Brazil and India are all making moves too.
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