中国强制禁止加密货币开采和交易

自2021年以来，中国已对加密货币开采和交易进行了一揽子禁令，中国政府仅着重于促进其中央银行数字货币（CBDC），即数字元素。

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.

中国关于比特币和加密货币的演算一直是正在进行的讨论的主题。最近，中国社会科学院副院长明张为学习时间写了一篇文章，为共产党对数字货币的思想提供了见解，包括比特币，中央银行数字货币（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是一家国家支持的研究所，也是中国国务院下的事工级机构，这意味着其报告通常与政府更广泛的经济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

这是张明和中国的CPI首次公开审议加密货币后必须说的

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.

加密货币的价值既不由一个国家的主权信用，也不由与货币相关的其他货币或金融资产决定，而是由一组严格的计算机算法决定的。但是比特币的最大问题是，其价格大大波动。比特币的价格峰值曾经达到100,000美元以上，在2025年3月初下降到约86,000美元。

Is China really avoiding Bitcoin and Crypto?

中国真的避免比特币和加密吗？

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.

比特币（BTC）在加密货币市场上保持了统治地位，市值约为1.67万亿美元，占加密货币市场的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.

中国已正式禁止比特币交易和采矿，但与BTC的联系仍然很复杂。尽管禁令，中国仍然会影响比特币。有报道表明，中国矿工使用VPN和离网设置秘密操作，这导致了比特币的哈希拉特。此外，据称中国政府持有194,000 BTC，主要是从刑事案件中扣押的，使其成为世界上最大的持有人之一。尽管公共加密货币的使用受到限制，但地下贸易通过点对点（P2P）市场和海上交易所持续存在。

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

但是，中国仍未准备好接受张的王子争辩的潜力，

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

尽管比特币是一种数字货币，但由于以下两个特征，它无法真正执行货币的功能。

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，比特币价格的巨大波动使得比特币很难用作其他商品的定价量表，或者用作其他商品之间交易的货币媒介；另一方面，由于比特币总数有限，比特币很难用作货币来规范经济运营。

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，比特币的性质不是真正的货币，而是一种特殊的金融资产，本身具有投资价值。关于比特币是风险的资产还是避风港资产，市场上存在很大争议。就比特币本身的巨大价格波动而言，它更像是一种风险的资产。但是，就比特币的价格趋势与美元汇率趋势呈成反比的事实，这就像一个安全的资产，可以对冲美元汇率的波动。

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，据报道，中国政府持有194,000 BTC，主要是从刑事案件中扣押的，使其成为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，似乎比特币仍然是中国的地缘政治工具。有些人认为，即使中国在国内禁止其使用时，中国也认为BTC是对美元的战略对冲。尽管如此，这种悖论仍强调了中国的复杂立场 - 公共反对币，但在幕后战略性地与之互动。

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

CPI的Zhang说

​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最近经历了重大发展，市值超过230亿美元。 Defillama的数据表明，目前，Stablecoins目前的总市值为2304.5亿美元，在过去一周中增加了23亿美元。与去年同期相比，Stablecoin市值增长了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.

美国参议院银行委员会还通过了两党立法，《天才法》，建立了稳定币的监管框架，表明向将数字资产纳入传统金融的转变。

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.

在这三种数字货币中，可能对国际金融体系产生重大影响的货币实际上是稳定货币。美元稳定币不仅加强了传统货币流通域与虚拟世界货币循环域之间的联系，而且还填补了一些发展中国家的家庭和企业对美元需求的差距。

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，这种数字货币很可能会加强国际金融体系中美元的国际货币状况。一旦美元稳定股份将美元的国际信誉与虚拟世界的应用程序相关联，它可能会大大巩固美元的霸权。

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

他建议促进中国稳定货币的建设。扩展在互联网平台上使用数字代币的使用，并更好地将RMB的主权信用与中国平台的全球应用程序相结合