Justin Sun, the founder of TRON DAO, has voiced his endorsement for China to enhance its cryptocurrency regulations in response to US President Donald Trump’s backing of Bitcoin as a national reserve.
In 2017, China implemented regulations on crypto, classifying them as detrimental, and in 2021, they prohibited their use in order to mitigate inherent dangers and foster financial stability.
The People’s Bank of China (PBOC) contends that cryptocurrencies facilitate illicit financial activities and must be curtailed to mitigate capital outflows from China.
Sun’s statement was made in the context of the varied opinions on crypto among US political figures, which include Trump’s support for Bitcoin as the country’s strategic reserve. He advocated for China to embrace comparable crypto-friendly policies, adding that China should advance further in this domain.
Sun achieved a legal triumph in the People’s Bank of China (PBOC), indicating a potential change in mainland China’s stringent cryptocurrency regulations.
The recent triumph of Sun in the PBOC indicated a potential change in mainland China’s cryptocurrency policies, underscoring the increasing embrace of cryptocurrency in China.
