Despite a nationwide ban on cryptocurrencies, Chinese local governments are secretly selling off digital assets seized in legal proceedings, generating significant revenue for their budgets. This practice reveals the tension between China’s efforts to suppress digital currencies and its need for economic stability amidst a slow-growing economy. 🔒 The opacity of these transactions raises concerns about potential corruption and arbitrariness. While Beijing remains officially against crypto activity, private companies are quietly facilitating the sales, creating an intriguing loophole in China’s financial system. These private companies utilize offshore platforms to avoid regulatory scrutiny and leverage a growing appetite for crypto assets in the market.