China really wants everything to run in its own country and must have its own market that's why they are very strong in trading and the CBDC itself is also inspired by blockchain technology, currently there are several countries that have held CBDC demos that will be implemented in their countries, will crypto be able to do it later? into CBDC?
What does CBDC mean? China are dictators and want everything to be controlled by their government and many companies in China are under the infulence of Chinese officials.
indeed, China is a very strick country when taxation is concern and the aims of cryptocurrency is eliminating the middle man on the transaction. This is why the reason they crackdown all mining rigs in their country to stop running.