Why the US and China went opposite ways on crypto – Asia Specific podcast, BBC World Service

The US and China are in fierce competition in many fields, so why on cryptocurrency trading have they gone in completely opposite directions?

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The US under President Donald Trump positions itself as a pro-crypto hub to foster innovation. Trump’s family even has its own digital tokens. China under President Xi Jinping has imposed a strict ban on domestic trading and mining of digital currency since 2019. Because of that crackdown, China now controls significant Bitcoin reserves following the government seizure of illegally mined and traded digital tokens.

But a crypto-trading ban doesn’t mean China’s opposed to embracing blockchain, the core technology that enables crypto currency. While the US focuses on market-driven growth, China is testing state-backed digital currency and utilising Hong Kong as a regulated, compliant hub for digital asset innovation.

In this episode of Asia Specific, host Mariko Oi is joined by Sam Reynolds, a senior reporter at cryptocurrency media outlet CoinDesk, and Angela Ang, the head of policy and strategic partnerships at blockchain intelligence company TRM Labs.

00:00 Introduction
01:19 What exactly is cryptocurrency and what can it do?
03:08 Why Bitcoin investors typically don’t buy things in the real world using cryptocurrency
04:01 What are the benefits of using digital coins
04:51 Why did China ban cryptocurrency trading and mining?
05:56 China’s complicated relationship with crypto technology
06:55 China, Hong Kong and cryptocurrency
08:03 How the US and China view cryptocurrency
10:20 Is China trying to compete against the US in the cryptocurrency space?
12:42 Investors attitudes to cryptocurrency in Asia and the West
14:26 What’s next for cryptocurrency?

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Instagram: @bbcworldservice
Email: asiaspecific@bbc.co.uk
Presenter: Mariko Oi
Producers: Derek Cai, Rachel Lee, Abhiram Subramaniam
Camera: Khairul Danish Bin Mohd Roslee, Rosalehin Bin Rosli, Aimran Supardi
Editor: Bill Birtles
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