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Nvidia Launches Affordable AI Chip for China After U.S. Export Limits

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  • Nvidia’s new AI chip is priced at $6,500-$8,000 to comply with export rules.
  • New Blackwell-based AI chip lacks high-bandwidth memory, reducing cost.
  • Nvidia’s market share in China has fallen from 95% to 50% due to export curbs.

Nvidia is set to release a new, lower-cost artificial intelligence (AI) chip for China. This decision comes after the company faced export restrictions on its high-end H20 model. According to sources, the new chip will be priced between $6,500 and $8,000, making it more affordable than the $10,000 to $12,000 price range of the H20 model.

The chip is designed on Nvidia’s Blackwell architecture and is simpler to manufacture than other chips. It will use GDDR7 memory rather than high-bandwidth memory (HBM) and will exclude advanced Chip-on-Wafer-on-Substrate (CoWoS) packaging technology.  The company will begin mass production of the new chip in June to meet China’s demand for AI technology.

AI Chip to Enhance Nvidia’s Market Position

The new AI chip will enhance Nvidia’s competitive advantage in China, a key market for the company’s revenue. China accounted for 13% of Nvidia’s sales in the last financial year. After the U.S. government put restrictions on exports, Nvidia has seen a decrease in its market share.

Nvidia’s market share in China has dropped from 95% to 50% since 2022. The company’s CEO, Jensen Huang, warned that continued restrictions could drive more Chinese customers to rival companies, particularly Huawei. Huawei’s Ascend 910B chip has become popular in the market as an alternative to Nvidia’s products.

While the new Nvidia AI chip is less powerful than the restricted H20 model, it provides better performance for AI tasks. Analysts predict that Chinese domestic technologies, like Huawei’s chips, will soon close the performance gap within one to two years. Nvidia continues to lead because of its connection of AI clusters with CUDA, which is important for developers.

Nvidia’s Diversification Efforts

Nvidia previously attempted to create a less powerful version of the H20 for China, but the U.S. rules made it more difficult. The company shifted to the Blackwell architecture, developing a chip with standard memory that complies with new export controls. The new AI chip is expected to reach a memory bandwidth of 1.7 terabytes per second, which falls within the export limits.

Moreover, sources indicate that Nvidia plans to work on another variant set for production in September. Although the specifications are still unknown, it could meet the needs of the Chinese market.

However, Nvidia’s earnings for the quarter, which will be released on May 28, are expected to be good. Analysts predict the company will report $43.4 billion in revenue in Q2, up 66% year-over-year. 

India Hits Back on Trump Tariffs as US-China Ties Strengthen Fast

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  • India has imposed retaliatory tariffs in response to Trump’s steel and aluminum import tariffs.
  • The tariffs come as the US-China trade deal shows signs of progress and resets global trade dynamics.
  • India informed the WTO that the Trump tariffs affect $7.6 billion worth of its steel and aluminum exports to the US.

India has imposed retaliatory tariffs in response to Trump tariffs, just as the US-China trade deal gains momentum. This move follows months of friction after the United States imposed a 25% duty on steel and aluminum imports. With rising tensions, India’s trade stance signals deeper disagreements against the backdrop of shifting global alliances.

Trump Tariffs Prompt India’s Trade Response

India informed the WTO that Trump tariffs would affect $7.6 billion worth of its steel and aluminum products sent to the US. India has retaliated by including several US goods for additional duties as a countermeasure on the grounds of unfair trade treatment. These steps have been taken in preparation for the country amid the delays in the US-India Bilateral Trade Agreement talks.

The tariff announcement happens days before the seventh of July, when the trade agreement is to be finalized. Soon after, the 90-day grace period for Indian goods entering the US will end. This timing increases pressure on both sides while negotiations remain unresolved.

India’s newest moves aim at American goods such as walnuts, apples, and chemicals. The products attract more duties as part of India’s formal complaint against Trump tariffs. While the trade deal remains unclear, India is trying to support domestic interests and exports.

US-China Trade Reset Undermines ‘China Plus One’ Push

The US has eased its trade stance with China, even after increasing Trump tariffs by 145% in April. After the agreement was publicized, the president of the US announced a new reset in the US-China trade relationship. The move sidelines India, defeating its strength of being one of the countries under the “China Plus One” policy.

With new US-China agreements coming in, the uncertainty over shifting operations to India may haunt global manufacturers. The relaxation of Trump tariffs on China contrasts with the US posture toward India, darkening India’s prospects of attracting firms that want to diversify their supply lines.

India now stands by and observes from the sidelines while Washington tears up and mends fences with a newly post-COVID China, Beijing, and London. India’s future trade prospects are in question because of its current trade tensions with the US. With no equal treatment, India can reinvent its wider trade policies.

Bitcoin jumped by 2% to $103,500 after falling early as the global market responded to trade news and tariff actions. In the face of Trump tariff uncertainty and world trade tensions, Ethereum roared ahead 9%, at the top of altcoin gains. Large crypto coins, such as XRP, Solana, Dogecoin, and Cardano, are up by 4% to 10% daily. While China and America heat up their economic friction in international trading, the strength of Bitcoin exemplifies the momentum of the market.

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U.S. and China Announce Major Breakthrough in Geneva Trade Talks

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  • U.S. and China announce major trade progress, boosting global economic stability.
  • U.S. Treasury Secretary Scott Bessent calls Geneva talks a “significant breakthrough.”
  • Tariff uncertainty remains despite positive Geneva talks, with $1.2 trillion trade deficit concerns.

In a significant diplomatic breakthrough, the United States and China announced reaching an “important consensus” and making “substantial progress” during recent trade negotiations in Geneva. This marks a major step in calming long-standing economic tensions, with both sides praising the outcome as pivotal for global economic stability and cooperation.

According to reports by Stock Talk, official statements confirm the productive outcome of the Geneva talks. U.S. Treasury Secretary Scott Bessent called the results a “significant breakthrough” likely to ease trade tensions. This development could reignite investor interest in risk assets like Bitcoin and Ethereum, typically influenced by shifts in macroeconomic and geopolitical dynamics.

Positive Trajectory of U.S-China Negotiations Confirmed

Bessent credited the Swiss government for creating a constructive environment. He confirmed that President Trump has been fully briefed and expressed confidence in the positive trajectory of negotiations. “We made substantial progress,” Bessent stated, noting that detailed announcements would be made the following day. The talks, he emphasized, were productive.

Echoing Bessent’s remarks, Chinese Vice Premier He Lifeng described the Geneva meeting as “an important first step.” He acknowledged lingering differences but stressed mutual benefits. Lifeng revealed that both nations agreed to set up a trade consultation mechanism designed to encourage ongoing dialogue and collaboration, aiming for long-term stability in bilateral trade relations.

Tariff Uncertainty Remains Despite Progress

Reuters reports that while there’s optimism around the Geneva outcome, uncertainties remain regarding current tariffs. In press briefings, neither side confirmed any immediate reduction to U.S. tariffs of 145% on Chinese goods or China’s 125% on American products. These tariffs have been central flashpoints, contributing to global supply chain disruptions and rising costs.

Despite the lack of tariff rollback announcements, Trade Representative Jamieson Greer labeled the meeting outcome “a deal” that could help narrow the U.S.’s $1.2 trillion global goods trade deficit. He emphasized the speed of the agreement, suggesting that the perceived rift may not be as deep as previously believed, which signals further room for compromise.

Both Bessent and Greer declined to answer questions from reporters but affirmed that the two-day discussions were highly constructive. A joint statement detailing the full scope of the consensus is scheduled for release on May 12. Investors and global stakeholders await more information, hoping for lasting economic de-escalation between the world’s two largest economies.

Read More: Ethereum Skyrockets After China Stimulus: Altcoin Season Starting?

Dan Tapiero Sees US as Bitcoin Haven Amid China’s Gold Frenzy

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  • Gold trading volume in China surged to 20 million ounces at the start of 2024.
  • Retail demand for gold in China remained strong despite a year-over-year decline in total consumption.
  • Dan Tapiero believes the US could become the leading hub for Bitcoin growth due to global regulatory restrictions.

A sharp rise in gold trading volume in China at the start of 2024 may signal a shifting global trend. As gold demand surges due to local and global pressures, investors like Dan Tapiero suggest a major opportunity for Bitcoin in the US. Tapiero believes that growing geopolitical constraints in Asia and Europe will position the US as the central hub for digital assets.

China’s Gold Trading Volume Sees Unprecedented Growth

At the beginning of 2024, China reached 20 million ounces of gold trading activity, marking a major jump from the previous historical figures. Bloomberg data provided by Dan Tapiero indicates that current annual gold volumes reached nearly twice the previous 10 million ounce threshold. The rising domestic demand for gold investment led to increased investment even though jewelry consumption decreased.

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Source: X

Retail interest in gold maintains its high levels in China because, in Q1 2024, customers purchased 336 tonnes of gold products, according to data from the World Gold Council. The Q1 price rise in 2024 accounts for the 36% annual year-over-year change, although interest in these products remains steady. Substantial inflows into Chinese gold ETFs increased trading activity throughout the national territory.

The increase in gold demand demonstrates China’s inability to obtain alternative value-storage assets, including the banned Bitcoin since 2021. Chinese investors decide on gold investment because it is their most feasible and compliant choice. The restrictions Tapiero observes have made China evolve toward physical assets rather than digital assets.

Bitcoin Faces Barriers in Asia and Europe

The Chinese market cannot access Bitcoin, creating an ownership deficit throughout the Asian region. Tapiero says European regulatory restrictions have become the main obstacle for broader crypto adoption. Due to ongoing regulatory controls, market demand and potential development of digital currency benefits remain constrained in crucial markets.

People resist and limit access to digital assets, though global interest in these assets continues to grow. The restricted investment options compel investors to choose traditional assets, including gold, as a practical storage of wealth. The regulatory environment allows cryptocurrencies to find new opportunities in regions where they are welcome.

The United States Emerges as a Crypto Stronghold

Global investors moved toward secure financial options because of the 2025 economic instability, which pushed up the price of gold to $3,500 per ounce. The United States and China trade tensions created through excessive tariff implementation caused investors to start looking into protective assets again. According to Tapiero, the current financial conditions create perfect conditions for Bitcoin’s growth in the United States.

He identifies the US as a crucial area for crypto development because of its welcoming environment that supports digital innovation. Blockchain technology finds unique opportunities to develop in the United States because other regions restrict digital assets. Bitcoin should gain its primary backing from the evolving global financial industry within the United States.

Analyst Highlights XRP as America’s Edge in Economic Battle With China

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  • Egrag Crypto pointed out that the U.S. holds 198,109 BTC and China owns around 190,000 BTC.
  • Egrag claimed the U.S. could have an upper hand through Ripple’s escrowed XRP holdings.
  • The cryptocurrency is currently priced at $2.17, slipping by 2.97% in the last twenty-four hours.

As the economic rivalry between the United States and China heats up, some in the crypto space argue that XRP could deliver a strategic advantage to America. Egrag, a prominent figure in the XRP community, recently shared his views on social media, noting that while both superpowers are heavily invested in Bitcoin, XRP could shift balance in favor of the United States.

To support his view, Egrag shared an illustrative comparison showing the U.S. government controlling 198,109 Bitcoin, slightly more than China’s approximate 190,000 Bitcoin holdings. Despite the narrow margin, the argument extends beyond Bitcoin’s influence.

He identified Ripple’s escrow, containing 36 billion XRP, as a significant asset capable of strengthening America’s position within the global crypto landscape. According to Egrag, “China does not own XRP,” whereas the United States could potentially leverage Ripple’s massive escrowed in its favor. 

xrp 21
Source: Egrag Crypto

Critical Voices Challenge XRP-Centric Narratives

Yet, not every voice in the crypto community agrees with Egrag’s enthusiastic assessment. Vincent Van Code, another influential figure within the community, offered a different point of view. In response to Egrag’s claims, Van Code argued that the debate should not boil down to a simple XRP versus Bitcoin comparison.

He reminded everyone that the economies of both the United States and China operate on scales of tens of trillions of dollars. In that context, $20 billion in Bitcoin holdings is a relatively minor figure, unlikely to shift the balance of global economic power by itself.

Van Code further emphasized that while cryptocurrency is undoubtedly a revolutionary technology, its real power as a strategic national asset depends heavily on its integration into the broader economic system, rather than the mere possession of digital coins.

Interestingly, Trump had once hinted at the possibility of incorporating alternative cryptocurrencies into a national reserve. His final executive order suggested adding XRP to an altcoin stockpile, with Bitcoin as the primary reserve asset. However, in contrast to Egrag’s claim, the U.S. government currently does not hold XRP.

Some commentators propose that Ripple’s upcoming $50 million fine could potentially be settled using XRP instead of cash, offering a way for the U.S. government to indirectly acquire a significant stake in the token.

XRP Price Action and Market Sentiment

As of now, XRP is trading at $2.17, marking a 2.97% decline over the past 24 hours. The altcoin has also dropped over 5% on the monthly chart, underscoring sustained bearish pressure across the market.

XRP 1D graph coinmarketcap 45
Source: CoinMarketCap

Meanwhile, data from Coincodex shows that market sentiment remains neutral, reflecting persistent uncertainty among investors regarding its future trajectory. Only 43% of its last 30 trading sessions have recorded profitability, further emphasizing cautious market behavior.

Nevertheless, Coincodex analysts anticipate short-term resilience, forecasting a potential rise to $2.31 within five days. Despite short-term optimism, the long-term outlook remains pessimistic, with projections pointing to a decline toward $1.97 in one month and $1.65 over three months.

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China’s Gold-Backed Crypto Yuan on TRON: HUGE Implications

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  • Analyst Marty Party suggests China backing its digital Yuan with gold on TRON, a controlled crypto push endorsed by Justin Sun, citing China’s gold preference and global ambitions.
  • Marty Party also envisions a US digital dollar backed by Bitcoin and gold on public blockchains, aligning with CBDC exploration and Trump’s “strategic Bitcoin reserve” concept.
  • Both digital currencies as pegged stablecoins on various blockchains signal a potential shift, bringing traditional assets like bonds onto blockchain networks for new trading methods.

If China were to back its digital yuan with gold and implement it on a public blockchain like TRON, this would be a significant, albeit controlled, push into the crypto space. This theory, put forward by analyst Marty Party, elicited a positive response from Tron founder Justin Sun, who liked the concept of the digital yuan.

Even though there is no official confirmation, this theory carries weight, given China’s historical preference for gold as a store of value and their desire to globalize the yuan. A private blockchain would allow the People’s Bank of China (PBOC) to gain maximum control, and a public chain like Tron could offer greater transparency and interoperability, perhaps with some amount of restrictions. Such a move could position the yuan as a more stable alternative to fiat currencies, potentially reducing the US dollar’s global influence.

China
Source: Reuters

Similarly, Marty Party sees a strong possibility of a digital dollar backed with Bitcoin and gold on public blockchains like Solana, Ethereum Base, and SUI. This is because the U.S. has been exploring the concept of a central bank digital currency (CBDC) for quite some time. Additionally, Trump’s idea of a “strategic Bitcoin reserve” reflects a growing recognition of the significance of cryptocurrencies.

China’s Yuan, US Dollar, and the Bond Revolution

Both currencies are implemented as pegged stablecoins. Digital yuan on a proprietary private blockchain or on the public Tron blockchain and the digital dollar on public blockchains, including Solana, Ethereum, Base, and SUI. Bonds will be monetized in stablecoins. More to come.

According to Marty Party, if both these scenarios were to materialize, this would bring traditional financial assets onto blockchain networks, potentially transforming how they are traded and managed.

While the probability of these exact scenarios unfolding is difficult to tell, Sun’s tweet hints at the growing interest in asset-backed stablecoins and their potential role in the future of finance. It’s a space to watch very closely.

34 China Citizens Has Jailed for $64M Crypto Scam That Tricked 30,000 People

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  • A scam group created a crypto platform, OURBIT, for trading Digital Currency. They built a  professional site with fake features and manipulated trading data to make the platform appear legit.
  • The scammers also posed as experts in investing, opening WeChat groups, posting fake profit screenshots and using planted members to confirm the legitimacy of the platform which further deceived victims to invest.
  • The judge went on to warn people to be more skeptical of the kinds of investments they make, telling them to stay more alert and avoid falling for quick money investments.

Thirty-four individuals in Ezhou, China, have been charged for operating a fake crypto exchange that scammed nearly 30,000 victims of 460 million yuan (about $64 million) in one year.

The group carefully designed and executed the scheme using a newly created digital currency platform. During the trial, some claimed it was a legitimate investment and that users purposely took risks. 

Fake Trading Platform and The False Legitimacy Claims

The scammers created the OURBIT Digital Currency Trading Platform, claiming that it was registered in Singapore and had its financial licenses from the U.S. and U.K. 

In a bid to make it seem more legit, they built a professionally looking site with features like “zero slippage,” “new stop-profit and stop-loss functions,” with live price charts linked to Bitcoin while In reality, everything was fake. They also fabricated nine crypto trading pairs, manipulated crypto data, and made the scam platform seem like a real cryptocurrency exchange, even though it had no connection to the market.

The scammers also pretended to be investment teachers in different WeChat groups, posting fake profit screenshots to deceive their prey that they made a loss of money. They also put female members, known as “drags,” to agree and encourage others to join. Victims were lured into high-leverage trades, including Liang, who stated that he lost over 3 million yuan. He recalled that after an initial loss, he reinvested and saw small gains, but the platform freezed his account at some point.  

Apparently, when users made significant profits, the platform either locked their accounts or banned them completely. In some cases, the agents would persuade victims to invest more money so they could unlock their money. Others were told they needed to prove liquidity by making more additional deposits, which also disappeared.

Behind these so-called teachers was a very structured operation. The OURBIT team had dedicated product, technology, and even business departments. The business distributed fake trading accounts to agents, who went to recruit sub-agents to bring in more investors, with everyone earning a share of the previous victims’ loss. 

Court Ruling and Sentencing of The Crypto Scammers 

The Ezhou Court found Cheng and his 33 other accomplices guilty of fraud, with charges that they created the platform only to steal users’ money. The court stated that they deliberately deceived victims by continually coming up with fake information and hiding the truth for their illegal gain.

Sentences ranged from three to twelve years in prison, along with fines for all those who were involved. Due to the large number of defendants and the complexity of the case, the trials were handled separately, and all judgments are now final.

The judge warned the public against falling for suspicious “get-rich-quick” schemes. He urged people to be more cautious and avoid relying on investment advice from chat groups. 

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HashKey Group Secures $30 Million Investment from China’s Gaorong Ventures

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  • Gaorong Ventures invests $30M in HashKey, increasing its valuation to $1.5B.
  • HashKey’s spot Bitcoin ETF has generated over $71M in inflows since launch in 2024.
  • Gaorong’s investment expands its tech portfolio into the rapidly growing crypto sector.

The China-based venture capital firm Gaorong Ventures made a $30 million investing move to support the Hong Kong-registered HashKey Group. According to Bloomberg reports, HashKey Group has received a $1.5 billion valuation through the recent $30 million investment from Gaorong Ventures. The company’s newest capital infusion occurred after its unicorn was valued at $1.2 billion in 2024 following unspecified investors in a Series A funding round.

HashKey Group’s Crypto Market Influence

Gaorong Ventures demonstrates its focus on Chinese tech investments by entering HashKey through a recent portfolio expansion. The $30 million investment represents a strategic business decision due to Gaorong Ventures expanding its portfolio into digital assets and blockchain technology sectors. The newly acquired funds will allow HashKey to enhance its cryptocurrency market presence because of the industry sector’s fast growth since last year particularly in Hong Kong.

The digital assets sector attracts high investor interest in China even though the country maintains ongoing regulatory concerns about these assets. Gaorong’s new cryptocurrency venture fits into China’s industry-wide movement, where companies expand their blockchain-related investment portfolios. Leading corporations, including Tencent, demonstrate their growing crypto investment interests, thus showing China’s stance on participating in worldwide digital asset platforms.

HashKey Group’s Role in Hong Kong’s Crypto Landscape

HashKey Group is one of Hong Kong’s first cryptocurrency exchanges following the Hong Kong Securities and Futures Commission (SFC) guidelines. The exchange benefits from this regional advantage because the Hong Kong government keeps developing clearer digital asset regulations. The Group continues to advance in the sector through its trading services, asset management solutions and blockchain ecosystem products.

The group has launched notable financial products, including a spot Bitcoin, Ethereum Exchange-Traded Fund (ETF), and other financial products in addition to its basic crypto exchange service. When it debuted in April 2024, the company’s Bitcoin ETF received more than $71 million in net inflows. HashKey established its Chain Layer 2 network while expanding the range of cryptocurrency services it provides.

The Future of Crypto in Hong Kong and China’s Influence

The crypto market in Hong Kong thrives due to well-defined regulatory standards that led HashKey and other firms to establish their operations in the region. In late 2024, the Hong Kong government granted licensing approval to PantherTrade, YAX, and several other crypto exchanges. Hong Kong continues developing itself into an international blockchain innovation and cryptocurrency trading center through these regulatory actions.

China tightly controls cryptocurrency trading while the country’s economic power affects the production of worldwide digital assets. Hong Kong-based execution platforms and other alternative financial tools enable Chinese investors to remain involved in this sector.

Bitcoin Reacts As China Hits Back with Bold 10-15% Tariffs on U.S. Imports

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  • China announces 10-15% tariffs on U.S. crude oil and machinery.
  • U.S. tariffs spark market uncertainty and impact foreign exchange rates.
  • Bitcoin drops 3% as global trade tensions intensify with new tariffs.

China has retaliated against the United States’ latest tariffs by imposing 10-15% duties on key U.S. imports, including crude oil and machinery. This move escalates the ongoing trade war, sending shockwaves through global markets and causing significant volatility.

China Imposes Retaliatory Tariffs on U.S. Goods

China has announced retaliatory tariffs of 10% to 15% on several U.S. imports. This move comes after the United States imposed a 10% tariff on Chinese goods. The Chinese tariffs target various products such as crude oil, agricultural machinery, and liquefied natural gas.

The Chinese Ministry of Finance confirmed the measures in a statement issued on Tuesday. According to the statement, 15% tariffs will be applied to coal and liquefied natural gas from the U.S. Additionally, a 10% tariff will be levied on goods like crude oil, agricultural machinery, pickup trucks, and large-engine cars. These tariffs will take effect on February 10.

The Chinese retaliation comes after President Donald Trump signed an order to impose tariffs on Chinese imports. The U.S. trade war has caused fluctuations in global markets, Moreover, the U.S imposed additional tariffs on Mexico and Canada. However, both countries have been granted a 30-day reprieve from the U.S. measures.

China’s Ministry of Commerce has already filed a complaint with the World Trade Organization (WTO) over the U.S. actions. China claims the tariffs violate international trade rules and harm the global supply chain as well as damage the economic and trade relationship between both countries.

Financial Markets and Bitcoin Responds to China Tariffs

The financial markets reacted to the tariffs with volatility as stock futures in the U.S. saw a decline, while the U.S. dollar rose in value. Meanwhile, Hong Kong’s stock market experienced a drop from its two-month high. Market experts anticipate further uncertainty and predict increased risks for global trade.

The U.S-China tariffs have also impacted foreign exchange rates. The offshore yuan weakened against the dollar, while the Australian dollar also saw a decline. Both currencies are seen as proxies for the Chinese yuan, indicating broader economic concerns.

Cryptocurrency markets have also reacted negatively to the tariffs, with a decline seen in Bitcoin’s value. Bitcoin dropped by 3% to $98,750 after the announcement of new tariffs. Experts suggest that while Bitcoin is often seen as a safe-haven asset, it remains vulnerable to risk-off sentiment caused by global trade tensions.

Experts believe this escalation of the U.S and China conflict could further affect risk assets like cryptocurrencies. Investors are on the lookout for any developments in U.S-China trade talks.

Crypto In Focus At 2024 Tsinghua PBC Forum: Risks And Global Policy Shifts

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The event is the 2024 Tsinghua PBC Chief Economist Forum, held in Beijing, on September 28th and drew massive focus on the changing role of cryptocurrency within the financial system. The event featured a speech by Zhu Guangyao, previously the vice minister of china’s Ministry of Finance, in which he encouraged the participants, as well as policymakers and financial specialists, to further study the phenomena of the development of digital currencies and their implications for the world economy.

The underlying cryptocurrency, according to Zhu, is a threat to capital markets and should be minimized. He said,

“It does have negative effects, and we must fully recognize its risks and harm 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.”

At the same time, Zhu also noticed these challenges relating to learning the latest international trends and policy changes concerning digital currencies. He said it is crucial to comprehend these shifts if they are to encourage development across the digital economy.

During his speech, Zhu looked back at the past decade of cryptocurrency regulation, mainly concentrating on the United States’ position on the matter. Originally, the United States has been suspicious to the cryptocurrency mainly due to its possible linkage to money laundering and terrorist financing. Zhu also said that flucuations of cryptocurrencies was a destabilizing force on the international financial system and envisioning threats for regulators of the world.

U.S. Embraces Crypto

However, 2024 has seen a change in approach to digital assets’ policy by the United States of America. Zhu also noted that digital money became a significant topic in the political campaign of the outgoing president of the United States, supporting him, Donald Trump, who called for the admiring of cryptocurrencies. 

 As Zhu pointed out, the US President allegedly said that if the country did not embrace cryptocurrencies, China will replace the US. Also, there is more favourable regulation, as 11 Bitcoin ETFs were listed by the U.S. Securities and Exchange Commission (SEC) in both stock and futures markets.

Cryptocurrency policy shift is not exclusive to the United States As the world’s emerging market nations and the BRICS nations like Russia, South Africa, Brazil, and India, embrace active steps towards regulation and policy on cryptocurrency. The nature of these nations is that they are starting to appreciate the potentials of digital currencies, and are creating structures to address the associated risks and potentialities.

The speech at the forum by Zhu Guangyao tried to hint nations to embrace cryptocurrency’s positive side but also consider the downside to it in terms of boosting economies. With the advancement of the digital economy across the world, almost every country is reevaluating its plans and regulations when it comes to stabilizing the financial market and incorporating digital assets.