China and the United States look at the crypto industry: Opposite attitudes towards CBDC, Bitcoin may become a key battlefield?

Written by: Wu Tianyi, DeThings

On January 23, US President Donald Trump signed an executive order to promotecryptocurrencyThe order was signed by venture capitalist David Sacks, known as the "Crypto Czar," and Trump.

“The digital asset industry plays a vital role in American innovation and economic development and our nation’s international leadership,” the order states.

According to CoinDesk, China is planning to replace the dollar. China and Russia have reduced their holdings of U.S. Treasuries worth billions of dollars while increasing their gold reserves. China, Iran and Russia are actively building parallel cross-border economic systems, bringing not only their neighbors into their orbits, but also their allies with whom they have a lot of trade.

At the same time, the People's Bank of China and five other departments jointly issued the "Opinions on Piloting the International High Standards in the Financial Sector in the Conditional Free Trade Pilot Zone (Hong Kong) to Promote Institutional Opening". The document mentioned "supporting mainland residents in the Guangdong-Hong Kong-Macao Greater Bay Area to purchase qualified investment products sold by Hong Kong and Macao financial institutions through Hong Kong and Macao financial institutions, and expanding the scope of participating institutions and qualified investment products". This policy may provide an opportunity for the potential development direction of the crypto asset industry.

Bitcoin becomes a key battlefield?

Much of the executive order signed by Trump focuses on establishingcryptocurrencyOne of the key elements is the creation of a working group to consider the creation of a national digital asset reserve, “which could come from legal seizures by the federal government through law enforcement actions.”cryptocurrency".

The order also outlines other key priorities for the digital asset industry, including protecting the use ofBlockchainThe document details certain protections for developers and miners, noting that they should be able to freely “develop and deploy software” and “participate in mining and validation,” a nod to the technical staff who protect the Bitcoin network.

The president also pledged to defend the rights of those who choose to self-custody their digital assets. This means they do not rely on centralized entities such as Coinbase to keep them.Token, but use personal encryptionwallet, and thesewalletSometimes not regulated by the IRS.

The order emphasizes promoting the sovereignty of the U.S. dollar by supporting the development of globally legal, dollar-backed stablecoins.

CoinDesk said that U.S. policymakers are too narrowly focused on macroeconomic tools such as sanctions and promoting the dollar as a reserve currency. Today, the real battle is happening in smartphones and global currency markets. For example, more than half of Japanese businesses accept Alipay, while more than a third accept WeChat Pay.

China continues to pay attention to the relevant Bitcoin policies of the United States. Wang Yongli, former vice president of the Bank of China, wrote in the article "A Rational View of Trump's New Bitcoin Policy" in the 1st issue of "China Foreign Exchange" in 2025, in which he mentioned that Bitcoin highly imitates gold at the "currency" level, and its total amount and phased increase are completely set by the system, which is more stringent than gold (the actual amount of gold reserves is actually unknown).Xiaobai NavigationIt is unclear), and the amount that can be used for exchange transactions is even more limited, and it cannot grow with the growth of the value of tradable wealth, which does not meet the essential requirements of currency. With Trump winning the US presidential election, the new Bitcoin policy he proposed has attracted widespread attention and heated discussions. We need to calm down, look at it rationally and objectively, and avoid making subversive mistakes.

Previously, Zhou Xiaochuan, Vice Chairman of the Boao Forum for Asia and former Governor of the People's Bank of China, mentioned at the "Boao Forum for Asia New Year Outlook 2025" event that the world economic recovery in 2025 is full of uncertainties and the industrial chain is forced to reshape. Global public debt is about to exceed 100 trillion US dollars, which will increase the external financing costs and exchange rate depreciation pressure of emerging markets and developing countries. Debt poses challenges to the fiscal sustainability of developed countries. Digital encrypted assets have a great impact on global financial stability and financialSafetyThe impact needs to be watched out for.

Regarding the "Opinions on Promoting Institutional Opening-up in the Financial Sector by Piloting the International High Standards in the Conditional Free Trade Pilot Zone (Hong Kong)" jointly issued by the People's Bank of China and five other departments, Liu Honglin, a lawyer at Mankiw LLP, said that with the Hong Kong SAR government's active exploration of virtual asset supervision, such as the launch of virtual asset ETFs, it will be worth looking forward to whether these products can be included in the cross-border wealth management connect in the future.

Combined with the policy terms, if Hong Kong's crypto asset products can provide investment channels for mainland investors through the Wealth Management Connect, it will not only enrich the asset allocation options of mainland residents, but will also become an important tool for promoting the internationalization of the RMB. Once the scope of cross-border Wealth Management Connect is further expanded, virtual asset ETFs or on-chain bonds may be the first to be piloted, providing a platform for the development of the cross-border financial management system.BlockchainIt opens the door to financial applications in the industry.

Different attitudes towards CBDC

It is worth mentioning that Trump’s executive order also prohibits the "establishment, issuance, circulation and use" of the US central bank digital currency (CBDC), and requires the working group to study the possibility of establishing and maintaining a national cryptocurrency reserve and a stablecoin regulatory framework.

Ordering federal agencies to halt any potential CBDC development was one of Trump’s campaign promises to the crypto industry during his presidential campaign.

Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, told Cointelegraph: “CBDCs are dead in the U.S. during the Trump administration. Instead, they are going the private stablecoin route, and there is nothing the Fed can do about it.” Administration spokesman Brian Hughes told Reuters that “the Trump administration will give seats to government officials who are committed to defending the rights of the American people, putting America first, and ensuring that working people’s tax dollars are used in the most effective way.”

Such rhetoric fits with the Republican Party’s general skepticism of government involvement in the financial industry and a desire for broad deregulation of the sector. It’s no surprise, then, that CBDCs are a target, given that they are already the subject of public privacy concerns.

While some CBDC developers, such as the European Central Bank, say privacy is a priority, few in the public seem to believe it, which has hampered CBDC efforts. According to CBDC Tracker, of the 169 CBDC projects currently underway, only four have been launched.

相反，截止 24 年 7 月，截至 7 月，电子人民币应用程序已吸引 1.8 亿个人wallet用户，试点地区累计交易额达 7.3 万亿元人民币（1 万亿美元）。mBridge 项目于 2024 年中期进入最小可行产品 (MVP) 阶段。该项目旨在探索参与的中央银行和商业银行共享的多中央银行数字货币 (CBDC) 平台，该平台建立在分布式账本技术 (DLT) 之上，以实现即时跨境支付和结算。

The mBridge project is the result of extensive collaboration between the BIS Innovation Centre, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Research Institute of the People’s Bank of China and the Hong Kong Monetary Authority since 2021. The Saudi Central Bank joined in 2024.

In September 2024, Reuters stated that a total of 134 countries (accounting for 98% of the global economy) are currently exploring digital versions of their national currencies, nearly half of which are in the late stages, and pioneering countries such as China, the Bahamas and Nigeria have begun to see a rebound in usage. The use of electronic RMB has increased nearly fourfold to 7 trillion RMB (987 billion USD).

All G20 countries are currently studying central bank digital currencies (CBDCs), with a total of 44 countries conducting trials, according to research released by the U.S. Atlantic Council think tank on Tuesday.

Dong Zhiyong, a scholar at Peking University, believes that the incentive mechanism of payment institutions is a challenge. Merchants do not need to pay fees to accept digital RMB, which is a good thing for merchants, but if it is not widely used, merchants will face additional administrative burdens and will not be able to obtain commissions from transactions, lacking the motivation to join. Therefore, he suggested establishing a reasonable charging mechanism and exploring value-added services with payment institutions.

In addition, he suggested creating an ecosystem for industrial and commercial use cases, as businesses have begun using e-RMB when processing large transactions despite low consumer acceptance. Currently, the administrative burden on retailers is being gradually addressed, and a new "smart account splitting" application is being piloted to simplify accounting and reconciliation processes.

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