Hong Kong Professor: China's Crypto Mining Ban Shifts Businesses to US

Professor Wang Yang, vice president for institutional advancement and chair professor at the Department of Mathematics at the Hong Kong University of Science and Technology (HKUST), criticized China’s cryptocurrency mining ban during a panel discussion in Hong Kong last week. He called the decision “very unwise” because it shifted businesses to the U.S., boosting American tax revenue. He suggested that China could have mitigated risks by directing state-owned enterprises to invest in domestic crypto mining firms. Despite China’s crackdown, Hong Kong is striving to become a virtual asset hub, licensing crypto exchanges and launching crypto exchange-traded funds (ETFs). Wang proposed tokenization as a strategy for China to handle geopolitical risks, anticipating a market breakthrough within three years as attitudes toward digital assets evolve.