中國強制禁止加密貨幣開采和交易

自2021年以來，中國已對加密貨幣開采和交易進行了一攬子禁令，中國政府僅著重於促進其中央銀行數字貨幣（CBDC），即數字元素。

China's calculus regarding Bitcoin and cryptocurrency has been a subject of ongoing discussion. Recently, Ming Zhang, the deputy director of the Chinese Academy of Social Sciences (CASS), penned an article for Study Times, offering insights into the Communist Party's thoughts on digital currencies, including Bitcoin, Central Bank Digital Currencies (CBDCs), and Stablecoins.

中國關於比特幣和加密貨幣的演算一直是正在進行的討論的主題。最近，中國社會科學院副院長明張為學習時間寫了一篇文章，為共產黨對數字貨幣的思想提供了見解，包括比特幣，中央銀行數字貨幣（CBDC）和Stablecoins。

CASS is a state-backed research institute and a ministry-level institution under the State Council of China, meaning its reports often align with the government’s broader economic and financial policies.

CASS是一家國家支持的研究所，也是中國國務院下的事工級機構，這意味著其報告通常與政府更廣泛的經濟和金融政策保持一致。

Here’s all Zhang Ming and China’s CPI have to say after making first such public mulling on cryptocurrencies

這是張明和中國的CPI首次公開審議加密貨幣後必須說的

The value of cryptocurrency is determined neither by the sovereign credit of a country nor by other currencies or financial assets linked to the currency, but by a set of rigorous computer algorithms. But the biggest problem with Bitcoin is that its price fluctuates greatly. The price peak of a Bitcoin once reached more than $100,000, and it fell to around $86,000 in early March 2025.

加密貨幣的價值既不由一個國家的主權信用，也不由與貨幣相關的其他貨幣或金融資產決定，而是由一組嚴格的計算機算法決定的。但是比特幣的最大問題是，其價格大大波動。比特幣的價格峰值曾經達到100,000美元以上，在2025年3月初下降到約86,000美元。

Is China really avoiding Bitcoin and Crypto?

中國真的避免比特幣和加密嗎？

Bitcoin (BTC) maintains its dominance in the crypto market with a market cap of around $1.67 trillion, representing 58.27% of the total crypto market followed by Ethereum.

比特幣（BTC）在加密貨幣市場上保持了統治地位，市值約為1.67萬億美元，佔加密貨幣市場的58.27％，其次是以太坊。

China has officially banned Bitcoin trading and mining, but its connection to BTC remains complex yet significant. Despite the ban, China still influences Bitcoin. There are reports that suggest that Chinese miners secretly operate using VPNs and off-grid setups, contributing to Bitcoin’s hashrate. Additionally, the Chinese government allegedly holds 194,000 BTC, mostly seized from criminal cases, making it one of the world’s largest holders. While public crypto use is restricted, underground trading persists through peer-to-peer (P2P) markets and offshore exchanges.

中國已正式禁止比特幣交易和採礦，但與BTC的聯繫仍然很複雜。儘管禁令，中國仍然會影響比特幣。有報導表明，中國礦工使用VPN和離網設置秘密操作，這導致了比特幣的哈希拉特。此外，據稱中國政府持有194,000 BTC，主要是從刑事案件中扣押的，使其成為世界上最大的持有人之一。儘管公共加密貨幣的使用受到限制，但地下貿易通過點對點（P2P）市場和海上交易所持續存在。

However, China is still not ready to accept the potential of Bitcoin with Ming Zhang arguing,

但是，中國仍未準備好接受張的王子爭辯的潛力，

Although Bitcoin is a type of digital currency, it cannot truly perform the functions of currency due to the following two characteristics.

儘管比特幣是一種數字貨幣，但由於以下兩個特徵，它無法真正執行貨幣的功能。

On the one hand, the huge fluctuations in Bitcoin prices make it difficult for Bitcoin to be used as a pricing scale for other commodities or as a monetary medium for transactions between other commodities; on the other hand, due to the limited total amount of Bitcoin, it is difficult for Bitcoin to be used as a currency to regulate economic operations.

一方面，比特幣價格的巨大波動使得比特幣很難用作其他商品的定價量表，或者用作其他商品之間交易的貨幣媒介；另一方面，由於比特幣總數有限，比特幣很難用作貨幣來規範經濟運營。

Therefore, the nature of Bitcoin is not a real currency, but a peculiar financial asset, which itself has investment value. There is a great deal of controversy in the market as to whether Bitcoin is a risky asset or a safe-haven asset. In terms of the huge price fluctuations of Bitcoin itself, it is more like a risky asset. However, in terms of the fact that the price trend of Bitcoin is largely inversely correlated with the trend of the US dollar exchange rate, it is like a safe-haven asset that can hedge against the fluctuations of the US dollar exchange rate.

因此，比特幣的性質不是真正的貨幣，而是一種特殊的金融資產，本身俱有投資價值。關於比特幣是風險的資產還是避風港資產，市場上存在很大爭議。就比特幣本身的巨大價格波動而言，它更像是一種風險的資產。但是，就比特幣的價格趨勢與美元匯率趨勢呈成反比的事實，這就像一個安全的資產，可以對沖美元匯率的波動。

Additionally, the Chinese government reportedly holds 194,000 BTC, mostly seized from criminal cases, making it one of the world’s largest holders.

此外，據報導，中國政府持有194,000 BTC，主要是從刑事案件中扣押的，使其成為世界上最大的持有人之一。

Thus, it seems that Bitcoin remains a geopolitical tool for China. Some believe China views BTC as a strategic hedge against the U.S. dollar, even while banning its use domestically. This paradox nonetheless highlights China’s complex stance—publicly anti-Bitcoin but strategically engaged with it behind the scenes.

因此，似乎比特幣仍然是中國的地緣政治工具。有些人認為，即使中國在國內禁止其使用時，中國也認為BTC是對美元的戰略對沖。儘管如此，這種悖論仍強調了中國的複雜立場 - 公共反對幣，但在幕後戰略性地與之互動。

Dollar-pegged Stablecoins can led to US Dominance, says Zhang from CPI

CPI的Zhang說

​Stablecoins have been experiencing significant developments recently with the market cap surpassing $230 Bn on 21 March. Data from DefiLlama indicates that the current total market capitalization of stablecoins currently stands at $230.45 billion, marking an increase of $2.3 billion over the past week. Compared to the same period last year, the stablecoin market cap has grown by 56%.

3月21日，Stablecoins最近經歷了重大發展，市值超過230億美元。 Defillama的數據表明，目前，Stablecoins目前的總市值為2304.5億美元，在過去一周中增加了23億美元。與去年同期相比，Stablecoin市值增長了56％。

The US Senate Banking Committee has also passed bipartisan legislation, GENIUS Act, establishing a regulatory framework for stablecoins, signaling a shift toward integrating digital assets into traditional finance.

美國參議院銀行委員會還通過了兩黨立法，《天才法》，建立了穩定幣的監管框架，表明向將數字資產納入傳統金融的轉變。

Among the three digital currencies, the one that may have a significant impact on the international financial system is actually the stablecoin. The US dollar stablecoin not only strengthens the connection between the traditional currency circulation domain and the virtual world currency circulation domain, but also fills the gap in the demand for US dollars by households and enterprises in some developing countries.

在這三種數字貨幣中，可能對國際金融體系產生重大影響的貨幣實際上是穩定貨幣。美元穩定幣不僅加強了傳統貨幣流通域與虛擬世界貨幣循環域之間的聯繫，而且還填補了一些發展中國家的家庭和企業對美元需求的差距。

Therefore, this digital currency is likely to strengthen the international currency status of the US dollar in the international financial system. Once the US dollar stablecoin links the international credit of the US dollar with the application scenarios of the virtual world more closely, it may greatly consolidate the hegemony of the dollar.

因此，這種數字貨幣很可能會加強國際金融體系中美元的國際貨幣狀況。一旦美元穩定股份將美元的國際信譽與虛擬世界的應用程序相關聯，它可能會大大鞏固美元的霸權。

He suggests promote the construction of China’s stable currency. Expand the use of digital tokens on Internet platforms and better combine the sovereign credit of RMB with the global application scenarios of Chinese platforms

他建議促進中國穩定貨幣的建設。擴展在互聯網平台上使用數字代幣的使用，並更好地將RMB的主權信用與中國平台的全球應用程序相結合