中国 China’s complete ban on Bitcoin isn’t because they’re ‘afraid of you trading crypto,’ it’s because they’re ‘afraid of you bypassing currency controls’—but it goes way beyond that❗️ 1. Preventing capital outflows. You convert RMB to USDT, transfer it to an overseas exchange, and then swap it for USD. The whole process bypasses banks and doesn’t trigger any reporting. The money leaves, and the State Administration of Foreign Exchange can’t see it. The official wording from the joint notice by eight departments is: Virtual currencies ‘pose risks of being used for money laundering, illegal fundraising, and unauthorized cross-border capital transfers.’ Research by the IMF also confirms that in countries with strict capital controls, crypto markets often become a ‘parallel channel for capital flight.’ 2. Protecting monetary sovereignty. The notice specifically sets a red line for stablecoins: Without approval, no domestic or foreign entity or individual is allowed to issue RMB-pegged stablecoins overseas. Why single this out? Because stablecoins ‘effectively perform some functions of legal tender in circulation.’ The issuance of RMB cannot be exercised by private institutions abroad. 3. Preventing a ‘dollar siphon.’ The U.S. is actively promoting dollar stablecoins globally to ‘reinforce the dominance of the dollar and create demand for U.S. Treasury bonds.’ Together, USDT and USDC account for 90% of the global stablecoin market cap. Stablecoin issuers hold nearly $200 billion in U.S. Treasury bonds, making them one of the top 20 holders of U.S. debt. Every USDT in circulation pumps more blood into the dollar system. So, why don’t other countries ban it? Because they don’t have a capital control system like China’s. IMF research has identified a pattern: The stricter a country’s capital controls, the more likely it is to ban cryptocurrencies. The overlap between these two factors is ‘astonishingly high.’ The U.S. doesn’t need to ‘prevent capital outflows’ because it’s the destination for global capital inflows. Dollar hegemony determines that the U.S. attitude toward cryptocurrencies is one of ‘laissez-faire or even encouragement.’ The global expansion of dollar stablecoins is essentially a digital form of ‘dollarization.’ But China has capital account controls. Each person is limited to $50,000 per year, and there are clear channels for funds to leave the country. Bitcoin and stablecoins are the backdoor to bypass these channels. Losing money trading crypto? That’s your problem. Capital outflows and the erosion of monetary sovereignty? That’s a national issue. Bitcoin could rise to $1 million or drop to zero—China doesn’t care. What China cares about is whether that ‘backdoor to bypass foreign exchange controls’ has been welded shut. So, hoping for China to fully reopen crypto trading? That’s wishful thinking, an extravagant dream, and a far-off fantasy
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More >Ethereum Foundation and Open Anonymity Project launch zkAPI
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Revolut's private equity valuation reaches $115 billion, making it the highest valued startup in Europe
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Drift Foundation: DFX does not anchor USDT, redemption value depends on recovery pool balance
The Drift Foundation states that DFX is not tied to 1 USDT, and users will receive 1 DFX for every confirmed loss of 1 USDT. The final redemption value depends on the balance in the Recovery Pool. At present, the Recovery Pool covers about 1% of the total claim amount, and users can choose to redeem DFX, hold DFX to retain their claim rights for future fund inflows into the Recovery Pool, or trade in secondary markets such as Raydium.
Michael Saylor：BTC 提供所有权，MSTR 放大敞口，STRC 提供收益
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