儘管全國禁令

據報導，中國地方政府正在通過私人公司清算沒收的加密貨幣，避開了該國對加密貨幣交易和採礦的禁令。

Local Chinese governments are reportedly liquidating confiscated cryptocurrencies via private firms, circumventing the country’s crypto trading and mining bans.

據報導，中國地方政府通過私人公司清算沒收的加密貨幣，規避了該國的加密貨幣交易和採礦禁令。

As reported by China’s Economic Times, the move is intended to help bolster government coffers amid mounting fiscal pressure. However, legal experts point out that such actions could invite corruption and further opacity.

據《中國經濟時報》報導，此舉旨在幫助加強財政壓力的政府金庫。但是，法律專家指出，這種行動可能引起腐敗和進一步的不透明。

While crypto trading remains illegal for individuals in mainland China, local authorities have found a legal gray area. Government-commissioned private companies have been tasked with selling seized digital assets on offshore platforms. In doing so, they convert crypto into U.S. dollars, then yuan, before channeling funds into regional finance accounts.

儘管中國大陸的個人的加密交易仍然是非法的，但地方當局發現了合法的灰色地區。政府委託的私人公司的任務是在離岸平台上出售查獲的數字資產。在這樣做的過程中，他們將加密貨幣轉換為美元，然後將其轉換為區域金融帳戶。

A prime example is Shenzhen-based tech firm Jiafenxiang, which has handled over 3 billion yuan (approximately $408 million) in crypto transactions since 2018. The company worked on behalf of local governments in cities like Xuzhou, Hua’an, and Taizhou.

一個典型的例子是總部位於深圳的技術公司Jifenxiang，該公司自2018年以來已經處理了超過30億元人民幣（約4.08億美元）的加密交易。該公司代表Xuzhou，Hua'an和Taizhou等城市的地方政府工作。

Though it’s illegal for individuals in China to trade or hold cryptocurrency, operating a business that assists the government in liquidating digital assets is still allowed. As a result, a growing number of firms are seeking to enter this niche space.

儘管中國個人交易或保持加密貨幣是非法的，但仍允許運營一項協助政府清算數字資產的業務。結果，越來越多的公司正在尋求進入這個利基領域。

However, legal experts are raising concerns over transparency and accountability, especially considering the covert nature of these crypto auctions which could foster backdoor deals and mismanagement, given the lack of clear legal oversight or public disclosures.

但是，法律專家正在提出對透明度和問責制的擔憂，尤其是考慮到這些加密拍賣的秘密性質，鑑於缺乏明確的法律監督或公共披露，這可能會促進後門交易和管理不善。

Mainland Ban, Hong Kong Ambition

大陸禁令，香港野心

The irony is stark. While mainland China enforces one of the world’s strictest crypto crackdowns, its financial hub Hong Kong is positioning itself as a global crypto center — complete with a regulatory framework and licensing system.

具有諷刺意味的是鮮明。儘管中國大陸是世界上最嚴格的加密鎮壓之一，但其金融樞紐香港將自己定位為全球加密中心 - 配備了監管框架和許可系統。

Yet, even with the official ban in place, China is reportedly the second-largest national holder of Bitcoin globally, with around 190,000 BTC, lagging behind the U.S. which holds roughly 198,000 BTC.

然而，即使有官方禁令，據報導，中國還是全球第二大國家持有人，大約190,000 BTC落後於美國，大約擁有198,000 BTC。

This dual-track approach continues to blur the lines between prohibition and pragmatism, with Chinese authorities enforcing crypto bans at the retail level while still finding ways to profit from the sector behind the scenes.

這種雙軌方法繼續模糊禁酒和實用主義之間的界限，中國當局在零售層面執行加密貨幣禁令，同時仍在尋找從幕後的行業中獲利的方法。