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.
In a country with a totalitarian regime, the population cannot have secrets! Especially financial, especially from the state! This also contradicts the concept of totalitarianism, where total control over one's subjects is one of the pillars ... Even if someone wants to, it is a crime, and such criminals will be seriously monitored. In short, the idea that a billion Chinese people want privacy does not work, it is more likely that their government will hide from them and the whole world everything that it considers necessary, even if it is not logical ...