My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.
First of all this was a known thing to happen and it came at no surprise since they first started stating they will be banning the mining of bitcoin and cryptocurrency multiple times, and to be honest i was surprised that they haven't done this much much earlier since everything related to internet and any sort of freedom is prohibited or rather controlled by the government, and for the banks to declare the use of bitcoin illegal is not not going to have any impact because we are way past that point.