I watched a video today:
https://m.youtube.com/watch?v=WWY7A221hwAChina is leapfrogging credit cards to jump directly into the adoption of mobile payments. An oligopoly is in place and as the adoption of the tech rises fast, it's not set to change. Now the Communist government is seeking to control such payments even more and the biggest payment companies are likely to cooperate. Perhaps one day people there would appreciate decentralization but for now the majority of the Chinese seem really careless about p2p tech and payments.
Careless? They are really careful in maintaining control of their financial system. BTC is a threat to that control thats why they were so keen in having it banned.
Anyhow, why would the Chinese government fully accept something that they cant control?
They find ways to create a competitive GovCoin and they give that their full support. At the same time, they ban other Crypto currencies, to eliminate the competition. Viola! They have control again and they can track all transactions, done by every citizen in their country.
The Chinese has not dominated
almost all global commodities and markets, because they are fools. They have done this, with calculated strategies, with perfect precision.