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.
Even the ban doesn't stop people from investing in china. But secret internet service and privacy crypto would just be a better option for those scared of taking the risk due to regional restrictions going with this will limit the amount of investors that would have Bitcoin in their portfolio.
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.
Where there is a challenge there is always a solution. If a solution isn't accessible then an alternative or improvised approach is adopted. If a solution hasn't been adopted then I think it's time for developers to act on making crypto most especially Bitcoin accessible to Chinese citizens and also provide a completely secret web services where Chinese citizens can transact in cryptocurrency anonymously