Justin Sun Calls on China to Review Cryptocurrency Policy
Date: 2024-07-30 Author: Gabriel Deangelo Categories: BLOCKCHAIN, IN WORLD
Tron (TRX) blockchain project founder Justin Sun recently called on the Chinese government to review its current cryptocurrency policy. His call comes amid changes in the American approach to digital assets related to political statements and initiatives.
Justin Sun's Call
Justin Sun emphasized that China needs to take a step forward in the field of cryptocurrencies. He noted that Donald Trump's popularization of Bitcoin has already influenced the American government to take a more favorable attitude towards digital assets. In his opinion, competition between China and the United States in the field of cryptocurrency legislation will benefit the entire industry.
"China should develop in this area. Competition between China and the United States in the field of cryptocurrency legislation will benefit the entire industry," Sun said.
In 2021, Chinese officials banned cryptocurrency trading and mining, which created significant obstacles for the development of this sector in the country. However, locals have found ways to circumvent these restrictions by creating a shadow market for digital assets. For example, they buy and sell cryptocurrencies through underground dealers and make transactions of no more than 50,000 yuan to avoid unwanted attention from regulators.
Government Blockchain Projects
Despite strict restrictions, China has made significant progress in the field of blockchain technology. One example is the launch of a central bank digital currency in 2020. This project is an important part of the government's fintech strategy and shows the country's desire to lead in this area.
US presidential candidate Donald Trump has expressed concern that China could dominate the cryptocurrency industry if the US does not take a leading position in this industry. In his opinion, China has already made significant progress in the field of blockchain, and America must actively develop this sector to keep up.
“If we do not embrace cryptocurrency and Bitcoin technology, China and other countries will. They will dominate, and we cannot allow China to dominate,” Trump said.
Justin Sun’s call for a review of China’s cryptocurrency policy highlights the need for global cooperation and competition in this area. With blockchain technologies and digital currencies rapidly developing in both China and the United States, it is important to create conditions for their safe and effective use. This will benefit not only individual countries, but the entire global economy, promoting innovation and financial freedom.
