This is why I hate communism, but at any rate, they don't stop this crypto revolution at any cost, people now are widely open their eyes and we don't want to control our life, finances and everything, so this news about china is nothing to do with cryptos.
I don't know how much role Communism is playing in this, but no one can deny the fact that Chinese Yuan is in a weaker position when compared to any other asset that is protected against inflation. Each and every financial institution in China is manipulated, including the national currency and the stock market. The citizens are forced to invest in overpriced assets (stocks, real estate), since they don't have any alternate option. Bitcoin gives a lto of people that alternate option, and that is the reason why the government is getting so spooked.