Former Chinese Finance Minister Urges Greater Focus on Cryptocurrency Markets Amid Global Developments

Former Chinese finance minister Zhu Guangyao recently called for more attention to be paid to the cryptocurrency markets. He made this statement during a summit at Tsinghua University.

Zhu emphasized that the government needs to recognize the risks and potential harm that cryptocurrencies can bring to capital markets. He believes it's essential to take a closer look at this rapidly evolving landscape.

In his remarks, Zhu pointed out that recent comments from U.S. political figures highlight the urgency of the situation. He specifically mentioned Republican candidate Donald Trump, who stated at the Bitcoin Conference in Nashville that the U.S. must fully embrace the crypto industry or risk falling behind China.

Trump compared cryptocurrencies to the steel industry of a century ago. He said, “You’re just in your infancy. One day, it probably will overtake gold. There’s never been anything like it.”

Zhu also noted that the U.S. Securities and Exchange Commission (SEC) has recently approved exchange-traded funds (ETFs) for Bitcoin (BTC) and Ether (ETH), despite initial resistance.

While mainland China remains cautious about cryptocurrencies, Hong Kong has taken a different approach. The region has embraced crypto, listing Bitcoin and Ether ETFs. Some members of Hong Kong’s legislature are actively encouraging the industry to set up operations there.