Tron CEO, who has made a name for himself with his investments recently Justin SunIn a recent interview with Bloomberg, he shared his views on the latest developments in the cryptocurrency industry. In his interview, Sun reminded that many cryptocurrencies hit the bottom due to market conditions and tightening in monetary policies in the USA, and said that now is the best time to return to the crypto money market.
Sun also stated that he believes China will soon adopt a more crypto-friendly stance despite being against Bitcoin and cryptocurrency mining. The Tron founder added that he thinks anti-crypto narratives need to be mitigated before moving to CDBC (Central Bank Digital Currency) practices. Many crypto supporters were known to believe that countries like China would use CDBCs as an alternative to existing digital currencies.
China banned cryptocurrencies nationwide last year
The Chinese government banned cryptocurrency payments across the country in the fall of last year. In September 2021, the People’s Bank of China announced that it had banned all crypto-currency transactions and commercial activities related to virtual currencies across the country, on the grounds that it seriously endangered user security. It was also underlined that people involved in crypto currency transactions would be deemed to have committed a crime and be prosecuted. In addition, it was stated that overseas-based websites that provide online crypto money services to Chinese citizens will also be considered to have engaged in illegal activities.