Justin Sun, founder of Tron, is calling on China to improve its Bitcoin policies, asserting that competition with the US would benefit the entire cryptocurrency industry. This appeal aligns with former US President Donald Trump’s vision of making Bitcoin integral to the global economy.
On July 18, Sun used social media to promote better Bitcoin policies in China. He believes competition between China and the US in Bitcoin regulation would positively impact the industry. Sun's statement emphasised that China should make further progress in this area.
Market analysts suggest Bitcoin’s role as digital gold could influence global power dynamics. Trump's support for Bitcoin may prompt China to reconsider its stance on digital assets. Matthew Pines, a national security fellow at the Bitcoin Policy Institute, has noted that Bitcoin and stablecoins could counter China's digital authoritarianism and support US sovereign debt markets.
China and the US hold approximately 400,000 BTC collectively. However, their regulatory approaches differ significantly. Influenced by Trump’s advocacy, the US is rethinking its stance, whereas China has largely restricted cryptocurrency activities. Since 2017, China has banned banks and payment systems from handling digital assets, with the People’s Bank of China declaring all cryptocurrency transactions illegal in 2021.
Critics, including Professor Wang Yang from the Hong Kong University of Science and Technology, argue that China’s crypto ban could have geopolitical drawbacks. Wang urges the government to reconsider its stance on crypto mining, highlighting potential benefits in global competition with the US.
Trump’s support for Bitcoin might drive China to alter its policies. Analysts argue that if the US adopts a more crypto-friendly approach, it could encourage China to revise its stance. Sun’s advocacy for enhanced Bitcoin policies in China underscores the importance of competition in the crypto industry.
US and China Bitcoin Holdings. Source:Bitcoin Treasuries
Sun believes that encouraging China to compete with the US in Bitcoin regulation would benefit the entire industry. This competition could foster innovation, improve regulations, and create a more dynamic crypto ecosystem.
Sun’s call for China to improve its Bitcoin policies comes at a pivotal moment for the cryptocurrency industry. As the US shows signs of embracing proactive crypto regulation, China faces a choice: maintain its restrictive policies or adapt to the evolving global landscape. The outcome could significantly impact Bitcoin and the broader crypto market.
Swan Bitcoin is suing ex-staff for allegedly stealing proprietary code to start their own mining venture in a scheme called "rain and hellfire." These ex-executives persuaded Tether to sever ties with Swan, increasing competition in the cryptocurrency market. Swan is now seeking legal action to recover stolen assets and confidential information.
CatherineThe 2024 Miss Korea Pageant faced backlash after asking contestants a controversial question about deepfake technology, which many found inappropriate given the current concerns about its misuse. Critics argue that the organizers missed an opportunity to engage in a meaningful discussion about the impact of AI on beauty standards and human dignity, especially in light of rising deepfake-related crimes in South Korea.
AnaisOn Saturday (September 28), financial website TheStreet reported that as the crypto industry prepares for the 2024 election, there is a growing view that former President Donald Trump’s victory could be good for Bitcoin and the broader digital asset sector.
AlexMark Zuckerberg's venture into the metaverse faced challenges, but it's now paying off. Meta's value has soared to over $1.4 trillion, his net worth has surged to $201 billion, making him the fourth richest person. Could the expansion into the metaverse and AI be driving this success?
CatherineFormer Binance CEO CZ's first tweet after his prison release sparked attention, briefly mentioning future plans and enjoying freedom. BNB surged to a monthly high but quickly reversed, declining along with the broader crypto market.
KikyoA fraudulent app disguised as WalletConnect stole over $70,000 from more than 150 cryptocurrency users by deceiving them into linking their wallets. Released as "Mestox Calculator," the app gained over 10,000 downloads and employed fake reviews to achieve visibility on the Google Play Store, allowing it to evade detection and carry out its scheme.
WeatherlyPolymarket users have reported their wallets being drained after logging in with Google accounts, though those using MetaMask or TrustWallet extensions were unaffected. Polymarket claims the issue is isolated, but affected users remain concerned.
CatherineA well-known financial blogger said that the Biden administration’s informal regulation requiring banks to limit crypto deposits to no more than 15% may lead to a wave of panic runs among customers.
AlexVitalik Buterin has proposed creating metrics to evaluate how closely projects align with Ethereum's core values. He highlighted that achieving "Ethereum alignment" poses a significant social challenge within the ecosystem, but acknowledged that this endeavour will not be easy.
KikyoMicrosoft is relaunching its AI-powered Recall program with enhanced privacy features after initial concerns over user surveillance led to its delay. The new version will allow users to filter out sensitive information, require Windows Hello authentication, and operate on an opt-in basis, ensuring greater control over their data.
Anais