Crypto banned in China, why is it not lifted?

[naturelover]

Crypto has been banned in China for several years and until now it has not been lifted and it seems that China has become even stricter about this matter, in fact, they even issued regulator notice no. 42 where they further strengthen the ban on it.

Even crypto trading is strictly prohibited here, and even Rwa assets.

Why does China ban it when in reality it can really help their economy and even other communities under their jurisdiction?

Then why Hong Kong, which is still under China but crypto trading and crypto services are legal here?

Source:  https://erickimphotography.com/china-vs-bitcoin-the-2026-war-for-the-soul-of-money

[Italian Panic]

Crypto services in Hong Kong are legal because the city is part of china but enjoys a separate and almost entirely independent administration; therefore in my view the chinese also use it as a bridgehead for this sector.
China will change its mind when it realises that the digital yuan will also need digital backing in terms of its value, and only bitcoin can guarantee this.

[naturelover]

Crypto services in Hong Kong are legal because the city is part of china but enjoys a separate and almost entirely independent administration; therefore in my view the chinese also use it as a bridgehead for this sector.
China will change its mind when it realises that the digital yuan will also need digital backing in terms of its value, and only bitcoin can guarantee this.

Is it possible that even though bitcoin or crypto is banned in China, the leader of the country itself is hiding bitcoin in the area under Hong Kong because the operation of Bitcoin or cryptocurrency is legal here?

due to we know that the Hong Kong community is free when it comes to investing in cryptocurrency, right? Or is it possible that the president of China is also talking to the leader of Hong Kong about storing bitcoin secretly?