The Chinese stance about the Bitcoin ban is glaring since the year 2017 that they dont acknowledge crypto as legitimate tender, their banking policy is not accepting cryptocurrency or catering related services, crypto trading is forbidden (I read that people from there sometimes use p2p) but bitcoin mining is still legal.
Alot of the crypto community and myself believe that did all this because they see Bitcoin as a threat to their national digital currency cause if Bitcoin Mining is still legal and taxed how did they expect the miners to exchange their reward for fiat when crypto trading is not legal?
How did they also exchange their mining tax for fiat?