Justin Sun, the founder of Tron, has called for China to open up to Bitcoin. According to Sun, China’s embrace of crypto would benefit the entire cryptocurrency space, providing a counterpart to the U.S. China’s ban on bitcoin and cryptocurrency mining altered the industry landscape in 2021, leading to a significant exodus of miners that set up operations in other regions.
Tron Founder Justin Sun Calls for China to Embrace Bitcoin Again
The influence and activity of China in the cryptocurrency space might benefit the whole industry. This is the train of thought of Justin Sun, the founder of Tron, a smart contracts-enabled cryptocurrency, who recently called on China to step up and reconsider its policies towards bitcoin.
Sun, a Chinese-born now Grenadier, took to X to tell Chinese authorities to rewarm to crypto due to the potential benefits this would bring to the global crypto space. Sun stressed that former U.S. President Trump had influenced the views and actions towards the crypto industry.
Sun declared:
China CN also needs to step up. Since President Trump pushed for Bitcoin, U.S. 🇺🇸 policies have warmed.
China stepped out of cryptocurrency trading and mining activity in 2021 when several provinces started cracking down on the mining operations, and the People’s Bank of China declared digital assets unwelcome on Chinese soil. At the time, this move tested the resilience of the Bitcoin network, taking the total hashrate to historic lows and causing a mining exodus of large proportions.
Chinese investors have also recently turned to crypto after a slump in the national slump market, resorting to several loopholes to escape the national ban.
Nonetheless, for Sun, China can still play a large role in developing the bitcoin industry globally as a counterpart to the U.S. “China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry,” he concluded.
Source: bitcoin news
