Quote from: bittraffic on April 11, 2025, 09:33:01 PM

Quote from: Smartprofit on April 11, 2025, 07:35:04 PM

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.

Of course, bitcoins are mined in Russia too. Nobody hides it.

Lists of regions where bitcoin mining is prohibited or restricted are published periodically. This is due to the fact that these regions do not have enough electricity for other important social needs. But the publication of these lists essentially means that in other regions the first cryptocurrency is mined without prohibitions and restrictions.

As for North Korea (a satellite of China), there are organized groups of hackers who steal bitcoins and other cryptocurrencies. Many believe that these bitcoins go to the state treasury. In the future, they are (probably) used to bypass sanctions.

I think that many countries are engaged in bitcoin mining and create state reserves (without advertising it in any way). It is not for nothing that bitcoin is called digital gold.

Governments of all countries have already realized that bitcoin has strategic importance.