- TRON Founder Justin Sun has encouraged China to reverse its stance against crypto and lift the ban.
- The remark came after Donald Trump vowed to make the U.S. the world’s crypto capital.
- China declared all crypto-related transactions illegal in 2021.
TRON founder Justin Sun has urged China to follow in the steps of the U.S. and embrace cryptocurrencies through friendly policies.
The outspoken crypto mogul’s comment comes after presidential aspirant Donald Trump advanced his pro-crypto campaign at Bitcoin 2024 on Saturday and vowed not to let China “dominate” the burgeoning global digital asset industry.
Sun’s Take On China’s Crypto Policy
In an X (formerly Twitter) post on July 28, Justin Sun called on China to “step up” and make progress toward regulating cryptocurrencies.
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🌞(hiring) (@justinsuntron) July 28, 2024
“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,” Sun wrote.
China broadened its crypto clampdown in 2021 when the People’s Bank of China (PBOC) declared all digital asset-related transactions illegal and made it clear that exchanges were no longer welcome to do business in the country.
Earlier this month, Justin Sun implied that China was poised to flip on this stance following his legal victory against Chongqing Business Media Group.
The court found the media group’s claims of Sun being suspected of insider trading and being investigated by the FBI to be “entirely unsubstantiated.”
Terming it “very important,” Sun said the legal victory was a big win for the industry because “cryptocurrency has long been seen as a grey area in China.” According to Sun, the Chinese court gave some legitimacy to crypto.
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Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.