Does China also hold Bitcoin or other cryptocurrencies in its national capacity?

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As of now (March 2025), the Chinese government has not publicly stated that it holds Bitcoin or other cryptocurrencies in the form of 'national reserves', but there are several important facts and observations worth noting:

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🔍 The actual relationship between China and cryptocurrency:

✅ Confiscated assets holding Bitcoin

Chinese judicial authorities have previously confiscated a large amount of cryptocurrency, especially in the crackdown on illegal trading platforms and Ponzi schemes (such as the 'PlusToken' case), during which the government received:

• More than 194,000 BTC

• More than 830,000 ETH

• There are also other tokens like LTC, EOS, DASH

These assets are controlled by the state after being confiscated, but the authorities have never disclosed whether they were subsequently monetized, liquidated, or incorporated into the national treasury reserves. Therefore, theoretically, the Chinese government has held or is holding a large amount of crypto assets, but does not consider them part of a 'strategic reserve'.

Source: [PlusToken confiscation case - The Block, Chainalysis analysis report]

❌ Official policies and positions

• The People's Bank of China (PBoC) has long prohibited cryptocurrency trading, ICOs, and domestic exchange operations.

• The Chinese government is promoting its own central bank digital currency (digital yuan, e-CNY) and does not encourage or recognize decentralized cryptocurrencies such as Bitcoin and Ethereum as official tools or reserves.