China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
China's President Xi Jinping has even warned investors not to trade cryptocurrencies that the government considers speculative.
Chinese authorities say the use of crypto money seriously violates the security of people's property. In fact, disrupt the normal economic and financial order.
In addition, as news is coming now, the ruling authorities have begun to "crush" high-tech companies quite tightly. The reasons, as I understand it, are the potential risks associated with the emergence of large, private structures, with large reserves of finance, and a noticeable influence in the regions of China. And also the development and adoption by these societies of the principles of free and democratic communities, which are borrowed in the West, which was the result of a certain period of "freedom" in China, when the people of China were able to personally observe the Western world, having the opportunity to travel outside China.
By the way, for example, the USSR was so afraid of such a situation (the population can safely leave the country) that the laws so limited this possibility that for EXIT it was necessary to have a special passport for EXIT, which had less than 0.1% of the country's population !!! And then, most of the holders of these passports - these were the elites of the USSR (politicians, leaders of different levels, their relatives), access to foreign travel for ordinary citizens - in reality strove to 0 ...