Justin Sun calls China to think about the crypto-a look at the future
Justin Sun calls China to think about the crypto-a look at the future
The discussion about the cryptocurrency regulation in China has received new dynamics through the statements of Justin Sun, the founder of Tron. With an urgent appeal to the Chinese authorities, SUN calls for a review of the strict crypto regulations that China has issued since 2019
Appeal to the Chinese authorities
Justin Sun wants China to learn from the experiences of the United States and rethink their attitude towards cryptocurrencies. In an interview, he said that the positive development of politics in the United States should be a role model for China with regard to Bitcoin. After supporting Bitcoin by former president, the legal situation in the USA would have been consolidated and this was also important for China.
The effects of the crypto ban
in 2019 China imposed a comprehensive ban on cryptocurrency trade. Despite this ban, citizens were able to act on foreign platforms, which shows that the ban had its limits. The decision to prevent crypto mining also led to a dramatic decline in the Bitcoin price in 2021 by 30 %. According to the Chinese authorities, the prohibition served to protect consumers and to maintain economic and financial stability in the country.
academic consent to Sun's suggestions
Wang Yang, a professor at Hong Kong University of Science, supports the views of Sun and argues that the ban could have expensive consequences for the Chinese economy. Yang emphasizes that it would have been wiser to involve government companies in the well-regulated domestic crypto mining operations in order to better control risks such as capital escape and money laundering.
strategic considerations on crypto policy
The restrictions set so far have triggered concerns whether Hong Kong can actually rise to an important center for cryptocurrencies. Several crypto exchanges associated with the mainland have withdrawn their license applications, which further increases the concerns about the future of the crypto industry in the region. Despite this skepticism, the general mood remains optimistic, especially since Justin Sun has won a slandering process. These events also raised questions about the fairness of the judiciary with regard to crypto matters.
A look at the future crypto landscape
The considerations related to crypto policy in China are contrasting to the increasingly open attitude of the United States. Sun emphasizes that the growing acceptance in the United States could benefit the entire industry, while China may lose a connection through his restrictive politics. The development of cryptocurrencies and the regulatory approaches of both countries could be crucial for global competitive events in the digital financial world in the long term.
The crypto market remains volatile, with Bitcoin, which is traded at $ 69,412 at the time of reporting. An increase of 3 % within 24 hours shows the persistent interest and the dynamics in the sector. However, the future of crypto trade and mining in China remains uncertain, while experts and market participants continue to pursue developments.
- Nag