Professor Wang Yang, vice chairman for institutional development and chair professor on the Division of Arithmetic on the Hong Kong College of Science and Know-how (HKUST), criticized China’s cryptocurrency mining ban throughout a panel dialogue in Hong Kong final week. He known as the choice “very unwise” as a result of it shifted companies to the U.S., boosting American tax income. He prompt that China may have mitigated dangers by directing state-owned enterprises to put money into home crypto mining companies. Regardless of China’s crackdown, Hong Kong is striving to develop into a digital asset hub, licensing crypto exchanges and launching crypto exchange-traded funds (ETFs). Wang proposed tokenization as a method for China to deal with geopolitical dangers, anticipating a market breakthrough inside three years as attitudes towards digital belongings evolve.
