The Shanghai Headquarters of the People's Bank of China said that in the process of promoting the blockchain technology, virtual currency speculation has gone up. Next, the cryptocurrency business activities in the area will be continuously monitored. Once illegal activity is found, it will be punished immediately, and it will be done early and prevent it from happening. The Shanghai Headquarters of the People's Bank of China said it would rectify illegal cryptocurrency speculation and remind investors not to replace cryptocurrency with blockchain technology.
the Chinese government so far we know that they really hate cryptocurrency because of unreasonable reasons for crtpto users, maybe now they have developed blockchain technology in their country which is applied in several companies and previously the president of China has announced that they will make their crypton itself uses blockchain technology that can be controlled by central organizations so they don't worry about things that can threaten their economy.