Hashkey Group CEO Xiao Feng says the pro-cryptocurrency Trump administration may stress China to melt its stance on Bitcoin (BTC) and different digital property. I'm considering.

In an interview with the South China Morning Publish, Feng expressed confidence that China's cryptocurrency market will finally open up, particularly if President Donald Trump and the US Congress undertake supportive insurance policies for digital property. expressed.

Trump's affect

Feng argued that clear and constant cryptocurrency regulation in the US would trigger China to rethink its strategy. he mentioned:

“If the U.S. Congress and President take optimistic steps to make clear crypto laws, proceed to legislate, and champion this sector, there isn’t any doubt that China will change into extra accepting of cryptocurrencies.”

President Trump has made digital property a central challenge of his 2024 election marketing campaign. He fired Securities and Trade Fee Chairman Gary Gensler on his first day in workplace and vowed to reverse insurance policies he mentioned had been stifling innovation within the cryptocurrency business.

The president-elect has additionally proposed halting the sale of bitcoins seized by the U.S. authorities and holding them strategically as funding property.

Feng's feedback counsel that these coverage modifications, if enacted, may change China's traditionally detrimental angle towards cryptocurrencies.

Stablecoins may pave the best way

China maintains strict laws on digital property, banning new coin choices (ICOs) in 2017 and cryptocurrency buying and selling and mining in 2021.

Nevertheless, Feng mentioned China might finally open its market to regulated stablecoins (digital currencies pegged to real-world property) to facilitate cross-border commerce. he steered.

In keeping with Fenn,

“Stablecoins present the proper resolution for cross-border business-to-business transactions.”

Stablecoins are more and more acknowledged as having the potential to boost cross-border funds by offering sooner, cheaper and clear options to conventional strategies. Masu. These introductions are seen as important advances within the world monetary panorama.

Its use has elevated considerably this yr, particularly in rising and creating international locations affected by excessive inflation and financial uncertainty.

As of mid-2024, stablecoins have a cumulative market capitalization of roughly $165 billion, facilitating trillions of {dollars} of transactions yearly. Notably, greater than 20 million blockchain addresses are concerned in stablecoin transactions each month, highlighting the rising position of blockchain addresses in on a regular basis monetary actions.

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