China May Relax Its Crypto Ban: HashKey Group CEO Says
Xiao Feng, the chairman and CEO of the investment company HashKey Group, believes China may reconsider its approach to crypto now that Donald Trump has won the election.
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Xiao Feng, the chairman and CEO of the investment company HashKey Group, believes China may reconsider its approach to crypto now that Donald Trump has won the election.
China, which has implemented strict rules against the industry over the last few years, may come around and accept the industry, according to Feng.
In an interview with the South China Morning Post, Feng mentioned several factors that can lead to a shift in crypto policy.
Xiao Feng, the chairman and CEO of HashKey. Source: scmp.com
First, Trump’s campaign promises to grow the digital asset industry and make the US a hub for digital assets. Given the tech competition between the two countries, China might need to take steps to integrate digital assets into its economic activities.
If the US Congress and the [incoming] president make crypto policies clear, constantly legislate and promote the industry, it would certainly be a driving force for China to accept [cryptocurrencies],
Feng noted.
Related: Trump’s Victory: The Impact on Crypto Explained
Another factor could be Russia’s removal from the SWIFT banking messaging system in 2022, which has increased the need for alternative transaction methods.
According to Feng, recent events may accelerate China’s consideration of crypto. While he originally estimated that China would need five or six years to lift its crypto ban, Feng now believes that this timeline could be shortened to two years.
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