According to some experts in academia and the tech industry, China should reconsider its position on the cryptocurrency ban imposed in 2021.
In 2021, China imposed a total ban on cryptocurrencies, including all transactions and mining activities. The ban led to an exodus of mining operations to more favorable jurisdictions such as the United States, Kazakhstan, and Canada. Despite the ban, mining and use of cryptocurrencies in the country persists.
Recently, prominent figures in academia and the tech industry have been urging the Chinese government to reconsider its ban on mining. Among them is Wang Yang, Vice President of the Hong Kong University of Science and Technology, who criticized the ban, calling it “very unwise”.
During the HashKey New Vision event, Yang stated that China should reconsider its position, suggesting that the ban has brought economic benefits to the United States and has not solved the country’s energy and environmental problems.
“This ban has driven many mining companies to relocate to the United States, resulting in a loss of over $4 billion in tax revenue for China.”
Wang suggested that state-owned enterprises could participate in mining operations or acquire stakes in such companies to diversify their activities.
According to Wang, the possibility of Donald Trump’s reelection could lead to more favorable policies toward digital assets, indicating the need for China to reassess its stance on mining.
