Justin Sun calls China: Refilling and learning crypto ban

Von Kl Redaktion

The discussion about crypto policy in China won as a Justin Sun, the founder of Tron, who asked Chinese authorities to rethink their restrictive measures regarding cryptocurrencies. This happened in the context of a changing global cryptocurrency market, especially in view of the growing acceptance of Bitcoin in the USA.

crypto and the US election campaign

Justin Sun emphasized that the People's Republic of China should learn from US policy with regard to Bitcoin. He found that the political attitudes in the USA, especially since President Trump's support for Bitcoin, played an important role and that China had some catching up to do in this regard. This reasoning about the possibilities of China's possibilities to promote its economic interests and position in global competition.

The role of academic discourse

Professor Wang Yang from Hong Kong University of Science supported Suns demands and questioned the economic effects of the Chinese ban on crypto mining. In his opinion, the ban could be expensive by urging companies to the United States, which ultimately leads to a loss of tax revenue in China. Yang suggested that the Chinese state companies should take part in domestic crypto mining projects in order to better control the associated risks such as money laundering and the drainage of capital.

effects on Hong Kong

The strict requirements against cryptocurrencies have also led to doubt whether Hong Kong can act as the future center for crypto activities. It was reported that several subsidiaries have withdrawn their license applications in the region. These developments illustrate uncertainty in the capital market and question the attractiveness of Hong Kong as a financial location.

The influence of a judicial judgment

The optimism in relation to crypto policy was strengthened by a recent victory by Sun in the legal proceedings against the Chongqing Business Media Group. This could be a turning point in the perception of the crypto market in China. Sun protection against defamation could be seen as a sign that fair proceedings are also possible in a strict regulatory environment.

market developments and Bitcoin Prize

Current market developments show that Bitcoin (BTC) is traded at $ 69,412 and recorded an increase of 3 % within 24 hours. Such market movements could be influenced by the global political framework and the regulatory changes that take place in both China and the USA.

Overall, the associated developments are not only important for investors and companies, but also lag a light on the geopolitical tensions in the field of cryptocurrencies. The discussion about crypto policy in China will continue to play a central role in the international financial discourse.

- Nag