This translation provides a fascinating look into the CCP’s strategic perspective on Bitcoin, stablecoins, and CBDCs. A few key takeaways:

1. Bitcoin is framed as an asset, not a currency – The article acknowledges Bitcoin’s decentralized nature and fixed supply but downplays its potential as money due to volatility and lack of monetary policy. This aligns with the CCP’s broader stance of restricting Bitcoin’s use while allowing its underlying tech to evolve.

2. Stablecoins as a U.S. dollar expansion tool – There’s a clear concern that stablecoins, particularly USDT and USDC, strengthen the dollar’s global influence, even in digital economies. This could explain why China might push for a controlled, state-backed alternative.

3. Digital RMB as a long-term strategic weapon – The article makes it clear that China’s goal is to expand the e-CNY from cash (M0) to a broader monetary role (M1, M2), positioning it as a global alternative to the USD. This mirrors their broader de-dollarization efforts.

4. A multi-pronged digital currency strategy – The author suggests that China shouldn’t rely solely on CBDCs but also develop its own stablecoin and explore IMF-backed digital SDRs to counter U.S. dominance.

This gives insight into how China sees the digital currency war playing out: Bitcoin as a non-state financial asset, stablecoins as an extension of U.S. monetary power, and CBDCs as the future of state-controlled digital finance. The strategic thinking here is undeniable, and the global financial landscape will likely be shaped by these competing approaches.