Former Chinese Finance Minister Zhu Guangyao has called for a reconsideration of China’s digital currency policies, warning that the country risks falling behind in the rapidly evolving digital economy.
Zhu’s remarks come as the United States approved 11 spot Bitcoin exchange-traded funds (ETFs) this year, marking remarkable progress in the adoption of digital assets.
Zhu’s concerns reflect a growing unease over the increasing influence of the U.S. in the digital currency space. He pointed out that high-profile American figures, including Donald Trump and Robert F. Kennedy Jr., have openly supported the adoption of these assets.
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.
