Regulation
Justin Sun Urges China to Increase Cryptocurrency Use Despite Trump’s Combative Stance on Bitcoin – DL News
- Trump said the US must embrace cryptocurrencies to avoid the dominance of the Chinese sector.
- Justin Sun argued that the competition between two superpowers will benefit the industry.
- That may be too much to ask, given Beijing’s strict rules on cryptocurrencies.
Tron founder Justin Sun has called on China to reconsider its approach to cryptocurrencies in light of former President Donald Trump’s support for Bitcoin.
“China also needs to step up. Since President Trump pushed for Bitcoin, US policies have heated up. China should make further progress in this area,” he said. tweeted July 28th.
Sun’s comments came after Trump suggested a potential shift in U.S. cryptocurrency policy if he is re-elected.
On July 27, Trump spoke at Bitcoin 2024 in Nashville, Tennessee, stressing that the United States must not allow China to dominate the cryptocurrency industry.
“If we don’t embrace cryptocurrency and Bitcoin technology, China will. Other countries will,” he said. “They will dominate, and we can’t let China dominate. They are making too much progress as it is.”
Sun, however, takes a less aggressive view.
“The competition between China and the United States in Bitcoin policy will benefit the entire industry,” Sun said.
Sun had previously expressed hope that China would ease its stance on cryptocurrencies.
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Earlier this month, he maintained that the perceived extent of China’s anti-cryptocurrency stance is overblown.
Chinese repression
Beijing has severely restricted cryptocurrency-related activities, although trading remains popular as many citizens circumvent the restrictions.
The government maintains a strict stance against any activity that promotes speculation in virtual currencies or “they deviate from the needs of the real economy.”
In September 2021, China cracked down on cryptocurrency mining, prompting a mass exodus of mining operations from the country.
While major cryptocurrency exchanges like Binance and OKX are originally from China, they are no longer welcome there.
While cautious about speculation in virtual currencies, Beijing is investing heavily in blockchain and web3 technologies.
In 2019, President Xi Jinping highlighted the importance of blockchain for technological development and called for faster growth of the industry.
Attenuated response
Interest in Trump’s comments in China has been limited.
On Chinese social media platform Weibo, the hashtag “Trump supports Bitcoin” has received 3.7 million views.
This is a modest number compared to other trending topics, such as South Korea. to be accidentally introduced like North Korea at the Olympics, which has garnered 29 million views.
Trump’s support for Bitcoin has led some Weibo users to interpret it as a lack of confidence in the U.S. dollar.
China is actively pursuing a policy of global de-dollarization.
“It looks like Trump wants Bitcoin to be completely controlled by the US,” one user noted.
Callan Quinn, DL News’ Hong Kong correspondent, covers the cryptocurrency industry in Asia. Got a tip? Contact the author at callan@dlnews.com.