A former high-ranking Chinese official is calling for a fresh look at cryptocurrencies in China.

According to a report from Sina, Zhu Guangyao, the ex-vice minister of the Ministry of Finance, spoke at an economic forum in Beijing over the weekend. He pointed out how the regulatory environment for crypto is changing in the United States.

Guangyao highlighted the recent decision by the U.S. Securities and Exchange Commission (SEC) to approve spot Bitcoin (BTC) exchange-traded funds (ETFs). He also mentioned that former President Donald Trump has included support for crypto in his 2024 campaign platform.

He said, “It does have negative effects, and we must fully recognize its risks and harm to the capital market. But we must study the latest international changes and policy adjustments because it is a crucial aspect of the development of the digital economy.”

In 2021, the Chinese government banned crypto mining and trading. Since then, traders in China have turned to over-the-counter (OTC) and peer-to-peer (P2P) trading methods to avoid detection.

Chainalysis reports that many OTC platforms based in China have seen significant growth, especially since mid-2023. These platforms have tapped into the ongoing interest in crypto among Chinese investors. They’ve found innovative ways to facilitate trading while adapting to the current regulations.