It is impossible to hold BTC in mainland China

Is China Ready to Start Large-Scale Bitcoin Purchases?

Recently, the remarks of Binance founder Zhao Changpeng have drawn widespread attention from the global financial community. He revealed that China's cryptocurrency trading volume accounts for more than 30% of the global total and hinted that if the United States could prevent China from holding gold reserves, China might also turn to Bitcoin reserves. With 109 countries already joining the central bank digital currency alliance, China is clearly one of the important members. If China really starts buying Bitcoin, what profound impact will this have on the global finance?

Zhao Changpeng further pointed out that China may quietly acquire Bitcoin behind the scenes and publicly disclose this action at an appropriate time. He believes this approach could help China achieve a more independent position within the global financial system. However, some experts also express that if China intends to bypass the dollar hegemony and accumulate reserves through Bitcoin, it will be very difficult. After all, the central banks of the United States and other countries closely monitor the flow of funds.

In addition, Zhao Changpeng raised a thought-provoking point: as more and more countries join, the global financial order dominated by G7 countries may gradually collapse, replaced by a 'Bitcoin G7' led by Bitcoin. This idea is similar to the Libra concept proposed by Zuckerberg in 2018, which failed to materialize due to strong opposition from Trump at that time, but Zhao Changpeng's renewed mention of this concept has sparked new discussions.

So, is this 'Bitcoin G7' concept really possible to become a reality?

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