This is not the first step China has taken on digital currency. In 2017, China shut down local cryptocurrency exchanges, shutting down the speculative market that controls 90 percent of bitcoin trading globally.

In June 2019, the People's Bank of China said it would block access to all domestic and foreign cryptocurrency transactions and the Initial Coin Offering website. The goal is to suppress all cryptocurrency trading with a ban on foreign exchange.

and this is really bad news for you and me.