Will China open up cryptocurrency?
Despite the rampant rumors, it is unlikely that China will relax its stance on cryptocurrency in the next decade. Anyone with a bit of common sense knows that the current overall policy direction is to firmly support manufacturing, hard technology, key industries, and chip development, while maintaining a cautious attitude towards financial innovation. The core purpose of financial development is to support the real economy.
Therefore, the likelihood of opening up cryptocurrency is extremely low. Those who spread rumors are likely holding long positions.
However, there are a few possible edge cases:
1⃣️ Hong Kong, as a testing ground, may allow for more exploration and experimentation.
2⃣️ Legal progress could lead to some positive changes in civil and criminal aspects, such as recognizing cryptocurrency as property in civil matters, rather than categorically deeming it a violation of public order and morals.
3⃣️ Adjustments to mining policies may adopt a more lenient attitude towards mining, no longer cracking down harshly.
Aside from that, the likelihood of openness in other areas is low, especially regarding tax policies. With the withdrawal of offshore locations, China will not be as actively cooperative as before.