Ministry of Finance has the final authority for money and financial matters. Have a look at USA China trade war where Donald Trump has put $150 billion tariffs on Chinese imports.
Looks like China is the next to ban Bitcoin
China has banned & unbanned bitcoin about 10 times
The main reason for limiting the cryptocurrency mining in China is the consumption of a huge amount of electricity when performing this type of activity. Companies that decide to remain in China under the new rules will be subject to significant restrictions, which in turn will translate into the size of their business and profits. Here is the problem.