Commentary For many years, the CCP (Chinese Communist Party) has acquiesced to digital currency operations in China. But in 2018, it began to restrict Bitcoin transactions while still secretly encouraging Bitcoin mining. However, now that large amounts of funds are fleeing the country through virtual currencies, Chinese authorities seem determined to crack down on it. Cryptocurrencies represented by Bitcoin have attracted more and more attention in recent years due to their security, privacy, and decentralization. Data shows that the unit price of Bitcoin has exceeded $60,000, but as of May 18, the unit price of Bitcoin fell to $43,300 with a market cap of $811 billion. As the price of Bitcoin and other virtual currencies rises, the world’s resources invested in the virtual currency mining industry have also increased significantly. The CCP does not recognize virtual currencies and has actively taken measures to prohibit transactions via digital currency. Instead, they …