Vice President Wang Yan of the Hong Kong University of Science and Technology commented on the impact of China’s policies on cryptocurrencies.
He emphasized that Hong Kong should not obstruct businesses from engaging with cryptocurrencies, as these companies do not transact with local citizens and can support Hong Kong’s virtual asset ecosystem.
Yang criticized China’s ban on cryptocurrency mining, stating that this decision presents a significant opportunity for the United States to gain tax revenue, estimated at $4 billion.
He suggested that China should not impose a complete ban, but instead consider allowing state-owned enterprises to participate in mining or invest in mining operations to better control risks while safeguarding economic interests.
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Yang also urged China to reconsider its position on digital assets and proposed that the adoption of these assets align with the “Belt and Road” initiative and facilitate the tokenization of Real World Assets (RWA).
He acknowledged that cryptocurrencies are currently viewed as uncontrollable, but he mentioned that China’s strategic development might necessitate policy adjustments. He also hinted that a potential return to power by Donald Trump could prompt China to swiftly review its digital asset policies.
