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.
I don’t see nothing much that is going to happen apart from the fact that some of their citizens who are investing in cryptocurrency and also mining cryptocurrencies are going to drop out from it, but that is going to be just for some time. Once government begins activities like this and start declaring cryptocurrency illegal in a country, people will get scared at first and a lot of them are going to stay clear from that asset, because they’re scared, they’re going to have a problem with the government.
But, as time goes on they're going to still get back to that asset and they will look for other ways that they can have access to it. And in the case of cryptocurrency it is always very easy to gain access to it because it is decentralized.