Wang Yang, Vice President of the Hong Kong University of Science and Technology (HKUST), has criticized China’s decision to ban cryptocurrency mining. He believes that this ban has caused China to miss out on a valuable opportunity. Speaking at the Hashkey New Vision 1 event, Wang argued that the ban has actually benefited the United States, as miners have moved there and generated an estimated $4 billion in tax revenue.
Wang stated, “It is very unwise to completely ban mining.” He suggested alternative solutions such as having state-owned enterprises participate in mining or hold shares to manage risk. This has sparked a debate within China about its stance on cryptocurrencies.
Wang also proposed a potential reevaluation of digital assets, especially in relation to the “Belt and Road” initiative, which could benefit from tokenization. However, he acknowledged concerns about the lack of control within the cryptocurrency space.
Overall, Wang’s comments shed light on the ongoing discussion within China about the regulation of cryptocurrencies and the potential benefits they could bring.