尽管全国禁令

据报道，中国地方政府正在通过私人公司清算没收的加密货币，避开了该国对加密货币交易和采矿的禁令。

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

据报道，中国地方政府通过私人公司清算没收的加密货币，规避了该国的加密货币交易和采矿禁令。

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.

据《中国经济时报》报道，此举旨在帮助加强财政压力的政府金库。但是，法律专家指出，这种行动可能引起腐败和进一步的不透明。

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.

尽管中国大陆的个人的加密交易仍然是非法的，但地方当局发现了合法的灰色地区。政府委托的私人公司的任务是在离岸平台上出售查获的数字资产。在这样做的过程中，他们将加密货币转换为美元，然后将其转换为区域金融帐户。

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.

一个典型的例子是总部位于深圳的技术公司Jifenxiang，该公司自2018年以来已经处理了超过30亿元人民币（约4.08亿美元）的加密交易。该公司代表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.

尽管中国个人交易或保持加密货币是非法的，但仍允许运营一项协助政府清算数字资产的业务。结果，越来越多的公司正在寻求进入这个利基领域。

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，法律专家正在提出对透明度和问责制的担忧，尤其是考虑到这些加密拍卖的秘密性质，鉴于缺乏明确的法律监督或公共披露，这可能会促进后门交易和管理不善。

Mainland Ban, Hong Kong Ambition

大陆禁令，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.

具有讽刺意味的是鲜明。尽管中国大陆是世界上最严格的加密镇压之一，但其金融枢纽香港将自己定位为全球加密中心 - 配备了监管框架和许可系统。

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，据报道，中国还是全球第二大国家持有人，大约190,000 BTC落后于美国，大约拥有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.

这种双轨方法继续模糊禁酒和实用主义之间的界限，中国当局在零售层面执行加密货币禁令，同时仍在寻找从幕后的行业中获利的方法。