China is grappling with how to manage a growing cache of cryptocurrencies seized from criminal activities, amid a national ban on crypto trading. Currently, seized digital assets are inconsistently handled by local governments, often sold through private companies to generate revenue despite legal ambiguities. Legal experts, judges, and officials are calling for clearer regulations and centralized management to ensure transparency and curb potential corruption. Discussions suggest allowing judicial recognition of cryptocurrencies as assets and introducing standardized procedures for disposal. The issue has gained urgency amid a surge in crypto-related crimes—reaching 430.7 billion yuan ($59 billion) in 2023—and as local governments increasingly rely on proceeds from sold crypto to bolster finances. Several seminars have explored solutions, including creating central oversight by the People’s Bank of China or forming a national crypto reserve, similar to U.S. President Donald Trump’s proposed bitcoin reserve. With China holding approximately 15,000 bitcoins, stakeholders suggest that a centralized system, possibly via a sovereign fund in Hong Kong, could maximize asset value. Calls are also growing to regulate third-party companies involved in crypto sales to ensure asset safety and compliance with financial rules.
CROFAM SOCIAL NETWORK
Despite US efforts to stifle it through sanctions, China's "Made in China 2025" initiative has been largely successful. Research indicates that China has achieved global leadership in five critical technologies: high-speed rail, graphene, unmanned aerial vehicles, solar panels, and electric vehicles with lithium batteries, while swiftly closing the gap in seven others. This progress underscores China's increasing influence in industries critical to future economic growth.
