Justin Sun Urges China to Adopt Pro-Crypto Policies

Justin Sun founder of the Tron blockchain, has urged the Chinese government to adopt more crypto-friendly policies. His call comes after U.S. presidential candidates Donald Trump and RF Kennedy Jr. voiced their support for digital assets at the 2024 Bitcoin Conference. Sun believes that competition between the U.S. and China could be revolutionary for the crypto industry.

Sun highlighted recent pro-crypto developments in the U.S. He noted that American policies have become more favorable towards digital assets. He emphasized the need for China to advance in industry to keep pace with the U.S. Sun pointed to speeches by Trump and Kennedy. They pledged to support pro-crypto policies if elected.

China has historically been skeptical about digital assets. In 2021 Chinese government imposed severe restrictions on the crypto industry. This included shutting down trading platforms and banning crypto transactions. People’s Bank of China (PBOC) declared all digital asset transactions illegal. They cited concerns over financial crimes and economic instability.

However, Sun believes it’s time for China to shift towards a more pro-crypto stance. He mentioned his recent legal victory against the Chongqing Business Media Group as a positive sign for the industry. This suggests that the Chinese court's decision could give crypto some legitimacy. Sun's appeal for China to adopt crypto-friendly policies echoes a growing sentiment within the industry.

Trump, during his speech at the Bitcoin Conference, warned that China was surpassing the U.S. in crypto and emerging technologies. He promised to make America global crypto capital and a Bitcoin superpower. He vowed to support Bitcoin mining and hold all Bitcoin acquired by the U.S. government. The U.S. currently leads in Bitcoin custody with 213,246 bitcoins. Meanwhile, China holds 190,000 bitcoins. Hong Kong legislator Johnny Ng also recently referenced Trump’s speech. He suggested that Bitcoin could serve as a financial reserve asset for regions like Hong Kong.

In conclusion, Justin Sun’s call for China to adopt pro-crypto policies comes at a crucial time. The U.S. is making significant strides in the industry. It remains to be seen whether China will heed Sun’s advice. Will it position itself as a competitive player in the global crypto landscape?