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.
That is one of the disadvantages of communist government, they always love decentralized system and hate decentralized system. The idea of going cashless is a good one but p2p this the best system and that is what they regulatory agency are fighting to kill. The populace should be concerned about this and the earlier they come back to cryptocurrencies the better.