TRON DAO Founder Justin Sun recently shared an X post advocating China to advance its crypto policies. Sun’s comment came amidst former US President Donald Trump’s endorsement of Bitcoin as a national reserve.
China 🇨🇳 also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry. 👏
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024
China imposed restrictions on cryptocurrencies in 2017, addressing digital assets as harmful. Subsequently, in 2021, the country banned cryptocurrencies. According to the People’s Bank of China (PBOC), the ban on cryptocurrency aims to fight the inherent risks associated with the sector and thereby bring financial stability.
While putting a ban on crypto trading, the PBOC posited that cryptocurrencies act as a driver of financial crimes. The bank also noted the need to reduce capital flight from China through the crypto ban.
What caught the attention recently is the diverse crypto perspectives and moves of the US political leaders ahead of the 2024 election. Republican candidate Donald Trump’s promotion of crypto demands special recognition, considering his previous anti-crypto stance.
Recently, Trump shared his support for the growing acceptance of crypto in the United States. Reiterating his vision to transform America into a “crypto capital,” Trump endorsed Bitcoin as the nation’s strategic reserve during the Bitcoin Conference in Nashville.
Inspired by the US’ potential crypto policies, Sun encouraged China to engage in similar crypto-friendly policies. He wrote on X,
China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry.
Earlier this month, Sun secured a legal victory in the PBOC, signaling a possible shift in mainland China’s restrictive crypto policies. While he won a case against a media group that posted false and defamatory content about him, he acknowledged it as the growing acceptance of crypto in China.
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