Bitrabo Editorial
Former US President Donald Trump spoke at the Bitcoin 2024 Conference, sparking a call to action among industry leaders and policymakers globally to embrace cryptocurrency and foster a competitive industry.
Justin Sun, the founder of Tron, has urged China to rethink its regulatory approach towards digital assets.
Sun Advocates for Competitive Crypto Industry
Following Trump’s remarks at the conference, where he criticized the US government’s crypto policies, Sun called for China to step up and make progress in this sector. He believes that healthy competition between China and the US in Bitcoin policies would benefit the industry as a whole.
Sun suggested that if China revises its regulations, it could lead to positive competition and innovation within the sector, benefiting both countries and the industry at large.
In response to Trump’s speech, Hong Kong lawmaker Johnny Ng emphasized the global significance of Bitcoin and Web3 for technological and financial innovations. Ng highlighted Hong Kong’s efforts to become a crypto hub, focusing on compliant regulations and industry development.
He also stressed the importance of fostering technological advancements by attracting global talent, capital, public chains, exchanges, enterprises, and projects to the city.
Will China Change Its Stance on Cryptocurrency?
Community members agreed with Sun’s views, suggesting that China embracing Bitcoin could drive innovation and growth in the industry. However, others believe more countries participating in healthy competition would benefit the sector as a whole.
Despite the calls for change, some investors argue that China lacks incentives to alter its current regulatory stance on cryptocurrencies. Critics also question the effectiveness of the US politicians’ vocal strategy on this issue.
Over the years, China has implemented strict measures against digital assets and mining, aiming to mitigate risks and prevent financial crimes. Recent speculations suggest a potential shift in China’s approach to digital assets, sparked by Sun’s legal victory against a Chinese media group.