Impact of US Leadership Changes on China’s Crypto Policy and Digital Card Introduction

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by Giorgi Kostiuk

2 years ago

Amidst a ban on crypto trading and mining in China, Hashkey Group Chairman Xiao Feng shared insights on potential policy changes influenced by international events.

Impact of International Politics

Hashkey Group Chairman Xiao Feng noted that political shifts in the US could influence China's stance on virtual assets. The introduction of new pro-crypto rules in the US might prompt China to reconsider its position on cryptocurrencies. Additionally, geopolitical factors, such as US sanctions against Russia, could contribute to changes in China’s crypto policy.

Hashkey Group Chairman’s View

Xiao Feng believes that due to current events, China might shorten the time needed to reevaluate its crypto policy from five to six years to just two. Donald Trump's campaign emphasizes the US's leading role in the crypto industry, which may serve as a catalyst for a shift in China's stance. Currently, China views cryptocurrencies as a threat to financial stability and a source of illegal activity.

Digital Payment Card Introduction

Despite these potential shifts, Beijing remains focused on its state-backed digital currency. China has introduced a payment card supported by the central bank's digital currency. This card functions like traditional debit and credit cards, supporting QR code payments and offering real-time balance updates.

Considering external and internal factors, China may reconsider its crypto policy. However, the introduction of a new digital card indicates continued advancement towards a state-endorsed digital currency.

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