- China outlawed cryptocurrencies in 2021 after declaring them to be dangerous, but Sun contends that accepting digital assets may really be advantageous.
Amid US political shifts, Justin Sun calls on China to reconsider its ban on cryptocurrencies
In a recent article on X, TRON DAO founder Justin Sun urged China to develop its cryptocurrency laws. Following former US President Donald Trump’s support of Bitcoin as a national reserve asset, he is calling for reform.
China banned cryptocurrencies in the beginning in 2017 after deeming them to be dangerous. 2021 saw a total prohibition on cryptocurrency activity, which strengthened this position. The People’s Bank of China (PBOC) used the necessity to reduce financial risks, stop financial crimes, and deal with capital flight issues as justifications for the prohibition.
Sun’s remarks are noteworthy in light of the US public’s evolving views on cryptocurrencies, especially in light of Trump’s recent pro-crypto position. As the 2024 election draws near, this disparity draws attention to the changing views on digital assets around the world.
Former President Donald Trump has voiced his strong support for the US to become a more accepting country for cryptocurrencies. Trump reaffirmed his goal to establish the United States as a “crypto capital” and endorsed Bitcoin as a tactical reserve asset at the Bitcoin Conference in Nashville.
TRON DAO Founder Justin Sun has urged China to enact more crypto-friendly laws in response to recent developments. Sun advocated for China to follow the US’s example in a post on X.
China must also do more. U.S. policy has thawed since President Trump campaigned for Bitcoin. China needs to advance in this field even more. The competition in Bitcoin policy between the United States and China will be advantageous to the whole market.
Sun won a court battle earlier this month against a media organization that had released inaccurate and defamatory material about him. This triumph is interpreted as a sign of China’s increasing acceptance of cryptocurrencies and a possible change in the nation’s restrictive policies around digital assets.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
