China have mBridge, CIPS and numerous shadow banking channels.
Regaining control of Hong Kong really opened up the possibilities- Hong Kong being the portal via which Britain originally gained trade payments access to Chinese markets back in The Opium Wars era and since.
China understands the importance of banking channels and how they run parallel to military structures.
China is building both determined not to be subject to US sanctions and leverage.
If they adopted Bitcoin it would be a lot easier for other nations to accept that China is not building its own monetary hegemony to replace that of the US.
China have mBridge, CIPS and numerous shadow banking channels. Regaining control of Hong Kong really opened up the possibilities- Hong Kong being the portal via which Britain originally gained trade payments access to Chinese markets back in The Opium Wars era and since. China understands the importance of banking channels and how they run parallel to military structures. China is building both determined not to be subject to US sanctions and leverage. If they adopted Bitcoin it would be a lot easier for other nations to accept that China is not building its own monetary hegemony to replace that of the US.