Tron (TRX) founder Justin Sunbelieves that China is preparing a return to crypto with its tax enforcement, and says it is confident that Tron will be accepted in China.
Tron (TRX) Founder Justin Sun Says China Is Preparing “Crypto Comeback”
Justin Sun, the founder of Tron, said on Monday that China is preparing a return to the crypto industry in mid-2021 after crackdowns on crypto trading and mining.
yes. I believe #TRX will be accepted in China eventually. Most of Chinese 🇨🇳 people are using #TRX anyway. https://t.co/snNhd0EAKL
— HE Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 30, 2023
Chinese, cryptocurrency It took a big step towards cryptocurrency regulation with the imposition of taxes on its transactions. Justin Sun seems confident that Tron will eventually gain acceptance in China.
Justin Sun said in a series of tweets on January 30 that China is signaling a return to the crypto industry by imposing taxes on crypto transactions.
Sun believes this is a big step towards cryptocurrency regulation at a time when crypto usage is increasing in the country despite the crypto pressure in mid-2021.
China’s local tax authorities have started imposing a 20% tax on crypto. Justin Sun argues that the tax on crypto transactions clearly demonstrates that the Chinese government views cryptocurrencies as a legitimate form of existence and wants to ensure that they are properly taxed.
The tax policy will increase the use of crypto in the country. It will also provide a clear regulatory framework for people and businesses. China is expected to further regulate the crypto industry to “provide greater legitimacy and stability.”
“Crypto tax in China, global cryptocurrency market and could set a precedent for other countries to follow.”
Justin Sun is moving to Hong Kong as he believes the Chinese crypto market is on the rise. Experts predict that China will dominate the next crypto bull market amid Hong Kong’s crypto hub plans.
He believes Tron and Huobi Global will lead the crypto development in Hong Kong.
He also believes that Tron (TRX) will eventually be accepted in China, as most Chinese already use Tron.
*Not investment advice.
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