Chinese Crypto Mining Exodus to US, Says Hong Kong Professor
Professor Wang Yang of the Hong Kong University of Science and Technology criticized China’s cryptocurrency mining ban, calling it “very unwise” for shifting businesses to the U.S. and boosting American tax revenue.
He suggested China could have mitigated risks by having state-owned enterprises invest in domestic crypto mining firms. Despite China’s crackdown, Hong Kong aims to become a virtual asset hub by licensing crypto exchanges and launching crypto ETFs. Wang also proposed tokenization to manage geopolitical risks, predicting a market breakthrough within three years as attitudes toward digital assets evolve.
Clever Robot News Desk 4th July 2024
