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Cryptocurrency News Articles
Former Chinese Finance Minister Lou Jiwei Urges Policymakers to Examine Crypto Advancements
Sep 29, 2024 at 03:25 pm
During a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, former Chinese finance minister Lou Jiwei urged China to closely examine advancements in cryptocurrency.
Former Chinese finance minister Lou Jiwei has urged authorities to closely examine cryptocurrency advancements, highlighting potential risks to financial stability.
At the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, Lou discussed cryptocurrencies and their impact on global markets, as reported by Sina Finance.
He noted the volatility of cryptocurrencies and their role in money laundering, posing risks to financial stability. The former minister also highlighted the shifting stance of the United States toward cryptocurrencies.
“For example, the US Securities and Exchange Commission has approved spot Bitcoin exchange-traded funds (ETFs),” Lou said, according to the report.
BTC price showed a moderate recovery in H2 2023, rallying from the lows of $43,000 to highs of $68,000. At the time of writing, the world’s largest cryptocurrency trades at $65,705.60, down 5.6% over the past 24 hours.
As reported by Cointelegraph, global financial stability concerns were raised in 2023 due to the increasing institutional adoption of cryptocurrencies. This prompted the International Monetary Fund to urge regulators to swiftly integrate crypto into their regulatory frameworks.
Lou warned of the negative implications cryptocurrencies could have on global markets, especially due to the price fluctuations that could create financial instability. He highlighted that digital currencies have been perceived as a threat to financial security, particularly in areas like anti-terrorism financing and Anti-Money Laundering (AML).
The ex-finance minister said these risks should be carefully considered and examined to protect financial systems from potential shocks.
China still dominates crypto hashrate
Despite the country’s ban on BTC mining and trading, which went into effect in 2021, China still controls over 55% of the Bitcoin mining network via its mining pools.
However, as reported by a Sept. 23 X post by Ki Young Ju, founder and CEO of CryptoQuant, this BTC mining dominance is slowly shifting toward U.S. mining firms.
Ju revealed that U.S. pools manage around 40% of all BTC mining operations, mainly catering to institutional miners in America, "while Chinese pools support relatively smaller miners in Asia."
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