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China crypto research
Zhu Guangyao, former Chinese minister of Finance, advocates for the government to research cryptocurrency more closely.

Speaking during an event at Tsinghua PBC Chief Economist Forum, held in Beijing on Saturday, Zhu said that cryptos are a “crucial aspect to the development of the digital economy.”

First reported by Sina, he first highlighted that cryptos “have negative effects.” He added that China should fully recognise the risks associated with the asset class to the capital market.

“But we must study the latest international changes and policy adjustments because it is a crucial aspect to the development of the digital economy.”

According to the report, Zhu pointed to former US President Donald Trump’s campaign strategy and his public embrace of cryptocurrencies.

Trump, the Republican presidential frontrunner, said during the Bitcoin Conference in Nashville in July that the US “must embrace cryptocurrencies, otherwise China will replace us.”