Former Chinese Finance Minister Urges Reevaluation of Digital Currency Policy Amid U.S. Advancements

Meanwhile, China has maintained a more conservative stance. However, Zhu highlighted some initiatives, such as those being implemented by Hong Kong’s ETF sector, as potential opportunities to expand digital currency adoption in China. It has cautiously taken steps toward integrating digital assets, allowing registered companies in Hong Kong to invest in Bitcoin and other cryptocurrencies.

Moreover, Zhu stressed the importance of China keeping pace with the rapid developments in the digital industry, especially as the U.S. accelerates its adoption of digital assets through moves like the launch of spot Bitcoin ETFs. These advancements have prompted China to reassess its approach to digital assets, acknowledging their growing impact on the global economy.

Justin Sun, founder of TRON, also noted that China’s gradual approach contrasts with the U.S.’s faster pace.

As American policymakers and regulators begin to formalize the digital asset market, China faces increasing pressure to speed up its reforms in this area.