Hong Kong professor calls China’s crypto mining ban ‘unwise’, suggests opening up to digital assets
- State-owned enterprises could have taken up shares in crypto mining firms to control risks such as capital outflows and money laundering, Wang said
A professor at the Hong Kong University of Science and Technology (HKUST) has questioned the logic of China’s cryptocurrency mining ban, suggesting that the government should embrace virtual assets amid geopolitical risks.
Completely banning crypto mining in China was “very unwise” as it drove related businesses to the United States, which contributed to US tax income, Wang Yang, vice-president for institutional advancement and chair professor at the Department of Mathematics at HKUST, said during a panel discussion in Hong Kong last week.
China could have directed state-owned enterprises to take up shares in domestic crypto mining firms to control risks such as capital outflows and money laundering, Wang said at the event on June 26, hosted by Hong Kong virtual asset firm HashKey Exchange.
Wang is the latest to question China’s hostile stance towards cryptocurrencies, as Beijing continues its crackdown on the industry on the mainland despite supporting Hong Kong’s efforts to develop the sector.
