Former Top China Finance Ministry Official Says Crypto Is “Crucial Aspect” Of Digital Economy

Updated: 30 September 2024

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A former top official at China’s Finance Ministry said crypto is a “crucial aspect” of the digital economy and urged the nation to study it carefully amid a shifting political landscape in the US.

Former Vice Finance Minister Zhu Guangyao told a forum at Tsinghua University in Beijing that while crypto poses certain risks, China must study its growing role in international financial markets because it is ”crucial” to the development of the digital economy, according to a report by Sina Finance.

China Banned Crypto In 2019

China banned cryptocurrencies in 2019 and its policy towards digital assets remains hostile, even though its Special Administrative Region of Hong Kong is rolling out the red carpet for the crypto industry as it strives to bolster its role as a financial center.

Still, it’s unusual for a former official to speak out against existing policy.

NEW: 🇨🇳China's former finance minister, Zhu Guangyao, says crypto is a crucial part of the digital economy.

He urges Beijing to focus more on the crypto markets and their role in the future. pic.twitter.com/MxPIOc1EOo

— Kashif Raza (@simplykashif) September 30, 2024

Zhu pointed to the US and how Donald Trump’s campaign to become president has seen him do a U-turn on digital assets, which he now publicly embraces. Trump has said he wants to become ”crypto president” if he is elected and to make the US the crypto capital of the world.

“If we don’t embrace crypto and Bitcoin technology, China will, other countries will, they’ll dominate, and we cannot let China dominate,” Trump told the Bitcoin 2024 conference in July

Zhu also noted that the US Securities and Exchange Commission (SEC) had this year approved 11 spot Bitcoin ETFs (exchange-traded funds) for trading on stock markets.

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