The recent endorsement of the cryptocurrency sector and bitcoin as a relevant asset in U.S. financial policy is making waves across the international cryptocurrency community. Xiao Feng, CEO and Chairman of Hashkey, one of the few cryptocurrency exchanges licensed to operate in Hong Kong, expects Trump’s moves to force China to change its stance towards the cryptocurrency industry and crypto.
In a recent interview with the South China Morning Post (SCMP), Feng remarked that these newfound thoughts on crypto could affect China’s ideas on the industry. Feng stated:
If the U.S. Congress and the incoming president make crypto policies clear, constantly legislate and promote the industry, it would certainly be a driving force for China to accept cryptocurrencies.
Another circumstance that would accelerate China’s adoption of crypto is the recent sanctions enacted against Russia, cutting the country off from the SWIFT international payment system and forcing it to develop a strategy to maintain trade with international partners.
Feng believes these policies will hasten China’s opening to cryptocurrency companies at least by a few years. “China perhaps needed five or six years from the present to accept cryptocurrency businesses without these events occurring. But now, because of these factors, that time frame could be shortened to two years,” he stressed.
China has had an anti-cryptocurrency and anti-mining stance for years, linking digital assets with crime and illicit activities. In August, the highest court of China listed digital assets as a tool used for money laundering, and in September the Chinese Congress moved to address these concerns with a new law draft.
Read more: Highest Court of China Moves to List Virtual Asset Transactions as a Money-Laundering Tool
Read more: China Moves to Address Crypto Money Laundering Activities With New Law Draft Revision
Nonetheless, even with all these obstacles, Chinese citizens jumped through hoops to invest in crypto during the local stock market slump, indicating that there is still demand for crypto investment products in the country.
Read more: Chinese Investors Are Turning to Crypto Amidst a National Stock Market Slump
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