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Reading: Evaluating Bitcoin ETF Impacts Amid U.S. Policy Shift: Lou Jiwei Urges China to Reassess
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Deythere > News > News > Evaluating Bitcoin ETF Impacts Amid U.S. Policy Shift: Lou Jiwei Urges China to Reassess
News

Evaluating Bitcoin ETF Impacts Amid U.S. Policy Shift: Lou Jiwei Urges China to Reassess

Chinas assessment of Bitcoin ETFs featuring symbols like the Bitcoin logo a Chinese flag in the background and financial el
Benedikt Krüger
Last updated: September 29, 2024 10:34 am
By
Benedikt Krüger
Published September 29, 2024
3 Min Read
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Following the recent policy shift in the United States regarding Bitcoin ETFs, China has been urged to carefully evaluate the implications of crypto developments. Former Chinese finance minister Lou Jiwei emphasized the financial instability and risks associated with cryptocurrencies. Lou called on Chinese policymakers to closely monitor the effects of the U.S. SEC’s approval of Bitcoin exchange-traded funds (ETFs) and to consider the broader implications for China’s financial landscape.

Contents
  • China Must Reevaluate Crypto in Light of U.S. Bitcoin ETF Approvals
  • Global Financial Stability Concerns
  • U.S. Policy Shifts on Bitcoin ETFs
  • China’s Role in Bitcoin Mining

China Must Reevaluate Crypto in Light of U.S. Bitcoin ETF Approvals

Speaking at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, Lou Jiwei stressed the importance of reevaluating China’s stance on crypto developments. Lou highlighted the significance of watching global policy changes, particularly the U.S. SEC’s approval of Bitcoin ETFs. This regulatory shift marks a significant transformation in the U.S. approach to crypto assets, recognizing their legitimacy in traditional financial markets.

Global Financial Stability Concerns

Lou Jiwei also drew attention to the potential risks that cryptocurrencies pose to global financial stability. He pointed to the volatility inherent in digital assets, which could trigger instability and jeopardize broader economic security. Additionally, the potential for illegal activities, such as money laundering, underscores the need for robust oversight. Lou emphasized that these risks deserve thorough examination to safeguard financial systems from potential disruptions.

representing Chinas evaluation of Bitcoin ETFs following the U.S. policy shift. The image should feature symbols of Bitcoin a Chinese f

U.S. Policy Shifts on Bitcoin ETFs

Historically, the U.S. SEC was resistant to approving Bitcoin ETFs. However, recent approvals signal growing acceptance of crypto assets within mainstream financial markets. Lou urged Chinese policymakers to pay close attention to these international policy shifts and to analyze their potential impacts on China’s economy and regulatory approach.

China’s Role in Bitcoin Mining

Despite China’s strict ban on crypto mining and trading in 2021, the country still controls a significant portion of the Bitcoin mining network. More than 55% of Bitcoin’s global hashrate is managed by Chinese mining pools. However, this dominance is increasingly being challenged. Key figures, such as CryptoQuant CEO Ki Young Ju, note a shift toward U.S.-based mining operations, which now control about 40% of large-scale institutional mining activity.

Lou Jiwei’s call for a comprehensive reassessment of China’s approach to cryptocurrencies comes at a critical time. Global developments, such as the U.S. approval of Bitcoin ETFs, underscore the need for careful and informed policymaking. As Bitcoin mining dynamics shift, and as international markets continue to evolve, staying vigilant on these changes is crucial to maintaining financial stability and shaping future economic strategies.

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ByBenedikt Krüger
Benedikt Krüger is a seasoned blockchain developer and cryptocurrency analyst with 10 years of experience in the field. Starting his career in software development, Benedikt quickly transitioned into blockchain technology, where he has worked on several pioneering projects, including the development of secure blockchain networks and decentralized platforms. His expertise includes blockchain security, cryptographic protocols, and the technical underpinnings of cryptocurrency systems. At DT NEWS, Benedikt provides readers with in-depth technical analysis and expert commentary on the latest trends in the blockchain and cryptocurrency industries, ensuring they stay ahead of the curve in this fast-paced sector.
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