As Zhao Changpeng said before, China is secretly developing Bitcoin, and it seems he was not wrong.

Recently, the (China Financial Stability Report (2024)) released by the central bank reveals a new perspective on cryptocurrencies.
The central bank's attitude towards cryptocurrencies has shown a significant shift. In the past, the central bank was more concerned about the financial risks posed by cryptocurrencies, but now it is more focused on market recovery and global trends. This adjustment in attitude is based on the rapid development of cryptocurrencies globally. Since 2022, the scale of cryptocurrency business in overseas markets has continued to grow, with models expanding to include traditional cryptocurrencies, stablecoins, and decentralized finance (DeFi) areas.