China is actually known to be a business minded country and they focus on earning on what could benefit their economic situation better. I don't think they are trying to compete with bigger countries that support crypto currency. I agree that they might have finally seen the value of cryptocurrency that they are now supporting it. Each country has the right and make free decisions whether to support crypto or not but I don't see any competition about it.
Accumulating cryptocurrency is actually a smart move on their part to unlock greater blockchain potential that will later be beneficial to both the crypto business and their economy. In terms of business, I see nothing regarding China's acceptance of cryptocurrencies again.
They're not supporting cryptocurrency, though.
OP does not provide any sources so taking what he says at face value, China can support implementation of web3 or blockchain technology without adopting its application through cryptocurrency. Doesn't make any sense for a communist regime to support decentralized currency.
As "business minded" they are, the CCP thrives on retaining a tight grip on economic activities within their borders. Bitcoin's antithetical to the system China's created.
I still feel this is a strategy where they play momentum.
Talking about support or not for China they just want to benefit and see this as an opportunity from a promising business. This condition is strengthened when they continue to play with banning and re-allowing bitcoins for their country and we know it is repeated and not just once.
At the moment it is also possible like that they won't talk about support but they will do what they think is profitable and as one of the conditions that they have finished with a profit of course they will also do a temporary ban back to make the market go crazy and bitcoin gain crash back as before because with that they are ready with the next plan.
