Tron founder Justin Sun has recently called on China to reconsider its strict stance on cryptocurrency and adopt more friendly policies. His plea comes after former President Donald Trump’s speech at the Bitcoin 2024 event, where Trump vowed to prevent China from dominating the global digital asset industry. Sun believes that the competition between China and the US in Bitcoin policy could benefit the entire crypto industry, as he sees the rivalry between the two superpowers as a positive force.
At the Bitcoin 2024 event, Trump emphasized the importance of the US adopting crypto technologies to keep up with China’s advancements in the sector. Sun hopes that China will follow suit and embrace crypto assets more, as he feels that the negative perception of China’s anti-crypto policies is exaggerated. Market analysts predict that Trump’s endorsement of Bitcoin could push China to reconsider its approach to digital assets, especially considering that both countries hold significant Bitcoin reserves.
China has been strict about regulating cryptocurrency activities since 2017, cracking down on activities that promote speculation in virtual currencies. The country intensified its crackdown on crypto mining in September 2021, leading many mining operations to relocate. Major crypto exchanges like Binance and OKX, which started in China, have moved their operations elsewhere due to the unfriendly regulatory environment. Despite the restrictions, cryptocurrency trading remains popular in China, with citizens finding ways to bypass the limitations.
Financial firms in China are prohibited from facilitating crypto payments, and startups are restricted from using blockchains to raise money. However, Beijing is still investing heavily in blockchain and Web3 technologies. Sun believes that China may reconsider its stringent stance on cryptos after his legal victory against Chongqing Business Media Group, where the court ruled that allegations against Sun were baseless. Sun sees this legal victory as significant for the industry and hopes it could lead to a more favorable regulatory environment for cryptocurrencies in China.
