It's only 2021 and you've already got COVID being mishandled, Afghanistan (two decades in the making, to be fair) and China says "Hold my beer." Amazing.
This isn't even the first time China has fumbled around with its currency. They were a huge player in the silver market from about 15th to 19th centuries. Then as the world was moving to the gold standard, they insisted on a silver standard, obviously losing on this strategy.
Now China has the most gold reserves in the world by a long shot and intend to roll out and back (perhaps unofficially) their digital Yuan with gold. You can't fix authoritarian communism; it just ends itself in due course.
Aside from the government officially not holding Bitcoin, of course much of the wealthy and elite class in China has Bitcoin. So you're leaking money through unofficial channels and you're driving away your productive and wealthy class by making it known that their wealth is a threat to the state.
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