For more than a decade, China has been waging a systematic battle against Bitcoin. But what motivates this hostility? And what does it reveal about the geopolitical power of cryptocurrencies?
Financial censorship and state control
The conflict between China and Bitcoin is not new. Since 2013, the Chinese government has imposed restrictions, partial bans, and outright prohibitions on cryptocurrency-related activities. The official argument has always revolved around 'financial stability', capital control, and protection of the digital yuan.
But the underlying theme is much deeper: Bitcoin represents a direct threat to the surveillance and monetary control model that the Communist Party has perfected.
China intensifies crackdown on Bitcoin: reports warn of total ban
2021: The Breaking Point
In June 2021, China launched its toughest offensive yet: it banned Bitcoin mining throughout its territory. This decision not only forced thousands of miners to migrate to Kazakhstan, Texas, or Paraguay, but also sent a geopolitical message. China was not only distancing itself from the cryptocurrency ecosystem but also breaking with the narrative of decentralization that Bitcoin represents.
Bitcoin vs. digital yuan: two visions of money
While Bitcoin promotes financial sovereignty, programmed scarcity, and resistance to censorship, the digital yuan moves in the opposite direction: total centralization, absolute traceability, and algorithmic control.
The real problem for China is not the volatility of BTC, but its potential as a tool for financial freedom.
Technology and power: the new frontier
Although China is a leader in artificial intelligence, semiconductors, and 6G networks, it remains reluctant regarding Web 3. This rejection of Bitcoin is not only due to economic reasons but also ideological ones. In a world where data is power, ceding ground to a public, open, and uncontrollable network like Bitcoin is unacceptable to Beijing.
And now?
Recent reports warn of a new regulatory tightening, with rumors of a total ban even on the possession of Bitcoin. If confirmed, this would mark an unprecedented escalation in China's crusade against the most decentralized crypto asset in the world.
But, as history has shown, the more you try to suffocate Bitcoin, the more resilient it becomes.