What a roller coaster ride of Bitcoin on that country. They've announced a lot of bans from Bitcoin to ICO, mining, etc. Last time, there was a news that they're pilot testing CBDC. This time, they're recognizing and its court declared that it's a digital currency.
[Open question]
China is a socialist country. I don't quite understand the recognition of Bitcoin.
Indeed, we should engage in an extended thought process to understand why China has chosen to recognize it.
Don't get confused by them. Anything that there's gonna be money on it, they're going to recognize it. Just like the other known economists telling that they dislike Bitcoin or it's a shit, they're the same as theirs.