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HashKey’s Xiao Feng suggests that Trump’s crypto-friendly stance might influence China to speed up its cryptocurrency adoption.
Impact of Trump’s Pro-Crypto Policies
U.S. President-elect Donald Trump’s support for cryptocurrencies could potentially lead China to reassess its current position on digital assets, according to Xiao Feng, chairman of HashKey Group. Xiao shared his insights in a recent interview, highlighting that a proactive approach from Washington to promote the cryptocurrency sector may prompt Beijing to expedite its own adoption timeline.
Geopolitical Factors and China’s Crypto Strategy
Despite China’s stringent regulations on crypto trading, mining, and initial coin offerings, Xiao believes that external geopolitical factors, such as U.S.-led sanctions on Russia, could influence China’s stance. He stated,
“China perhaps needed five or six years from the present to accept [crypto businesses] without these events occurring. But now, because of these factors, that time frame could be shortened to two years.”
Potential Changes in China’s Crypto Policies
During his campaign, Trump vowed to establish the U.S. as a global leader in the cryptocurrency space, aiming to create a “crypto capital of the planet” and remove regulatory barriers perceived as anti-crypto. Xiao views this ambitious plan as a potential driver for change in China, which has historically viewed cryptocurrencies as a threat to its financial stability and a tool for criminal activity.
State-Controlled Digital Currency
Despite these potential shifts, there is currently no indication that Beijing is moving away from its focus on a state-controlled digital currency. Recently, China introduced a central bank digital currency payment card. This card operates like a traditional debit or credit card but includes dynamic QR codes for payments and real-time balance updates.
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