Let's see.

China and the USA are the top economic engines in the world, yet their governments have banned their citizens from transacting and owning certain cryptocurrencies.  Hmm.  Why is that?  Due to the underlying mechanisms of how fiat currencies at interest work, at this late stage in the life-cycle of the current world reserve currency, the two top economies cannot afford any of the surplus fiat (debt) in citizen's hands to be removed (retired) from the system.  The more that happens, the closer the to the end of the road for the dollar it is, and the more they have to debase the currency to keep the system stable for one more day/week/month.  All fiat at interest currencies must grow/increase to a size larger than the previous year, each and every year, or the system begins to collapse.  This is especially true as the mathematical limits on lifespan are reached.  We all know the system is in a precarious state right now, so crypto coming along like it did when it did is the monkey wrench in the monopoly capitalist society (defacto communism) we find ourselves enslaved to via debt.

Therefore considering how tough the restrictions are on US residents, and we all know China is even more abusive to it's citizens, what would make anyone think China would take the lead in allowing a major door to personal freedom open that would lead to a crash of the current world reserve currency and their power base even faster than is happening now?  They wouldn't and it doesn't make any sense if one is able to view things from their position.