Post
Topic
Board Bitcoin Discussion
Re: China and Russia Embrace Bitcoin for Trade
by
bittraffic
on 11/04/2025, 21:33:01 UTC
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.

So its true that China are still mining Bitcoin and these farms are backed by the government.

They re not saying a word about it though. It would have been the biggest encouragement for all other countries if they are just making it public. Russia may have also been mining, their country is suitable for it because they have the oil and gas to power up mining farms. And the surrounding is cold, making the Asic devices last longer.