Professor Wang Yang from HKUST criticised China's decision to ban cryptocurrency mining, labeling it "very unwise" during a recent panel discussion in Hong Kong.

He argued that the ban has inadvertently redirected crypto businesses to the U.S., thereby benefiting American tax revenues.

Wang suggested that China could have minimised risks by involving state-owned enterprises in domestic crypto mining ventures.

Despite China's crackdown, Hong Kong is positioning itself as a hub for virtual assets by licensing crypto exchanges and launching crypto ETFs.

Wang also proposed tokenisation as a strategic move for China to navigate geopolitical challenges, foreseeing significant market developments within the next three years amid shifting attitudes towards digital assets.