Speculations on the adjustment of cryptocurrency policies in mainland China can be summarized in the following three points:
Regional Pilot: Hong Kong may serve as a policy testing ground, pioneering the operation of exchanges and the research and development of public chain technology, creating a sandbox environment for technological regulation.
Limited Legalization: At the civil level, the virtual property attributes of cryptocurrencies may be recognized, preserving citizens' freedom to trade, while reserving policy space for institutions to issue Bitcoin wealth management products.
Extension of Digital Renminbi: Licensed institutions may be allowed to issue stablecoins pegged to the Renminbi, exploring the integration path between regulated legal digital currencies and crypto assets.
This policy framework is neither a complete liberalization of speculation nor a total ban, but rather a combination of "regional pilots + classified regulation + technological integration" to promote the development of blockchain technology and financial innovation under the premise of controllable risks.
