Justin Sun, the head of Tron (TRX), recently urged China to advance the laws on cryptocurrencies after the former president of the United States, Donald Trump supported Bitcoin. On the 27th of July, Trump spoke in Nashville at the Bitcoin 2024 conference, urging the U. S. to protect itself from being surpassed by China in the crypto industry. While this statement filled the Americans with hope, audiences in many other countries, including China, began to ponder the actions to take.
Sun seized this opportunity to post on X, indicating that China should also improve its crypto policies. He said, “China also needs to do more. Saying President Trump wanted Bitcoin, policies in the United States have gotten friendlier, and China must advance more in this field.”
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China’s Crypto Landscape and Legal Developments
In early 2021, Chinese officials called for the illegality of all crypto-related operations, which caused significant hurdles in the country’s embrace of digital money. Later this year, Sun stood his ground in a legal battle against Chongqing Business Media Group after the latter accused Sun of insider trading, which turned out to be none other than an allegation. This could be considered the first sign of a gradual change in China’s cryptocurrency approach.
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Trump’s political actions in endorsing cryptocurrency are expected to shape polarity in global politics. Experts predict that presidents of various countries’ successors could integrate Bitcoin into their campaigns as additional bonuses to gain more votes. Such a trend may expand to other large economies conducting their presidential election in 2027; India is a good example.
Furthermore, crypto influencer Wise Advice forecasts essential milestones for the cryptocurrency sector in the coming three years. These include the creation of a Bitcoin reserve fund, additional approvals for exchange-traded funds (ETFs), a surge in pro-crypto political candidates, and the growth of the cryptocurrency industry. Such achievements may push China’s officials to reassess their attitude toward digital assets, perhaps resulting in a drop in cryptocurrency taxation.
In conclusion, Justin Sun’s appeal for China to develop its cryptocurrency legislation underscores the rising global importance of Bitcoin and digital assets. As nations such as the United States and maybe India begin to integrate cryptocurrencies into their financial systems, the international regulatory environment is expected to change, impacting the future of the crypto business.
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.