As far as I understand, the Communist Party of China has banned Bitcoin exclusively for its citizens.

The financial strategy of the Communist Party of China involves the use of a digital yuan (CBDC) as a means of payment in the country. Chinese citizens should not own the first cryptocurrency, as this makes them independent from the central government.

At the same time, Chinese elites are well aware of the strategic role of Bitcoin in the modern financial system (especially given the weakening role of the US dollar as a global reserve currency). Bitcoin is an effective tool for bypassing economic sanctions and bypassing other trade restrictions.

Therefore, the Communist Party of China encourages Bitcoin mining, as long as it is carried out by state-owned mining companies. China has also been accumulating Bitcoin for a long time.