As a researcher with a keen interest in global financial trends and a background in studying China’s economic policies, I find Xiao Feng’s perspective intriguing. His assertion that Trump’s pro-crypto policy could expedite China’s adoption of digital assets is thought-provoking, especially considering China’s historically cautious approach to cryptocurrencies.
According to HashKey’s Xiao Feng, the position of former U.S. President Trump on cryptocurrencies might motivate China to expedite its embrace and use of digital currencies.
The potential supportive cryptocurrency policy of the newly elected U.S. President Donald Trump could lead China to reevaluate its viewpoint towards digital assets, as suggested by Xiao Feng, Chairman at HashKey Group, during an interview with the South China Morning Post.
Xiao proposed that if Washington openly supports the development of cryptocurrencies, it might push forward Beijing’s plans to welcome crypto businesses more quickly. Although China currently prohibits crypto trading, mining, and initial coin offerings, Xiao speculates that geopolitical circumstances, such as the U.S.-imposed sanctions against Russia for its actions in Ukraine, could lead China to reconsider its stance on cryptocurrencies.
As a researcher, I posit that China may have required around five to six years, starting from the present, to embrace cryptocurrency businesses without any significant events taking place. However, given the current circumstances and influential factors, this timeline might now shrink significantly, potentially reducing it to just two years.
Xiao Feng
Trump vowed during his campaign to make the U.S. a leading force in the world of cryptocurrency, even going so far as to propose turning it into a “global hub” for crypto and removing regulations perceived as hostile towards digital currencies. Xiao views this stance as an opportunity for change within China, which has historically viewed cryptocurrencies as a risk to financial stability and a conduit for illicit activities.
Despite speculation to the contrary, it appears that Beijing is not altering its attention from its state-managed digital currency. Lately, China has introduced a central bank digital currency payment card, which operates similarly to a conventional debit or credit card while also generating dynamic QR codes for transactions and providing real-time balance updates.
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2024-11-12 14:12