The government hasnt taken any actions on blocking VPNs
That's not really true. Beijing ordered state-owned ISPs to block individuals' use of VPNs by February 2018, ahead of an outright ban at the end of March. Some kid got sent to prison last year for selling VPN subscriptions.
I'm not sure if the ban is simply ineffective, if ISPs haven't moved to actually block use of VPNs, or some combination. It seems like it would be a game of whack-a-mole. It doesn't seem enforceable.
Some companies like Tencent have officially confirmed that theyd block transactions, or ban accounts, associated with cryptocurrency trading. How such accounts or transactions would be identified, though, is yet to be revealed.
It's not going to be effective if they can't stop people from using VPNs. People could also just start encrypting their communications.