With the introduction of a tax on crypto transactions, China has taken a major step.
Justin Sun said that China’s new tax on cryptocurrency transactions was a signal.
After a crackdown on cryptocurrency trading and mining in the middle of 2021, Tron founder Justin Sun claimed Monday that China is plotting a return to the sector. With the introduction of a tax on crypto transactions, China has taken a major step toward cryptocurrency regulation. Justin Sun is unwavering in his belief that China would finally embrace Tron.
In a series of tweets published on January 30th, Justin Sun said that China’s new tax on cryptocurrency transactions was a signal that the government was once again interested in the cryptocurrency sector. Despite a crypto crackdown in the middle of 2021, he thinks this is a significant step toward cryptocurrency regulation.
Next Bull Run Dominated by China
The Chinese government has begun taxing cryptocurrency at a rate of 20%. For Justin Sun, the fact that the Chinese government intends to properly tax cryptocurrency transactions shows that the country recognizes digital currencies as a genuine type of money.
Cryptocurrency adoption in the nation will be helped by the new tax policy. In addition, it will provide firms and individuals with a transparent set of rules to operate under. For the sake of additional credibility and stability, the cryptocurrency sector in China is set to undergo more regulation.
Yes. I believe #TRX will be accepted in China eventually. Most of Chinese 🇨🇳 people are using #TRX anyway. https://t.co/snNhd0EAKL
— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 30, 2023
Despite Hong Kong’s aspirations to become a crypto center, experts believe the next crypto bull market will be dominated by China. He forecasts that Tron and Huobi Global will drive the cryptocurrency industry in Hong Kong forward. Furthermore, he is certain that Tron (TRX) would be recognized in China since most Chinese people already use it.