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Trump says US must dominate cryptocurrency sector, cites China competition
- The Republican presidential candidate has slammed Democrats’ attempts to regulate the sector
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Republican presidential candidate Donald Trump told a bitcoin conference that the US must dominate the sector or China would, his latest move to court advocates of cryptocurrency, which Beijing has restricted and which he once dismissed as a “scam.”
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Speaking at the Bitcoin 2024 convention in Nashville on Saturday, Trump positioned himself as the pro-cryptocurrency candidate ahead of the November 5 presidential election, saying he would make the US the world’s cryptocurrency leader and embrace friendlier regulations than likely Democratic nominee Vice-President Kamala Harris.
The Republican Party has promised lighter regulation for cryptocurrency, and Trump has slammed Democrats’ attempts to regulate the sector.
“If we don’t embrace crypto and bitcoin technology, China will, other countries will. They’ll dominate, and we cannot let China dominate. They are making too much progress as it is,” Trump said.
China has cracked down on cryptocurrency and there are strict controls on capital movement across its border. But people there are still able to trade tokens such as bitcoin on crypto exchanges, and Chinese investors can also open overseas bank accounts to buy crypto assets.
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