Well, I'm Chinese, let me tell you how I feel. Only on behalf of personal views. A bit off topic, but offers a different perspective.

First of all, the Chinese government hopes to develop the REAL economy, and does not want the economy to be deviated from the real to the virtual. It is clear that the trading of cryptocurrencies and their tokens is a virtual economy.

Second, China's financial authorities have always emphasized STABILITY as the main tone of policy formulation. This is easy to understand. The result of excessive financial openness in many developing countries is not long-term prosperity. The price of cryptocurrency fluctuates wildly and is not suitable for ordinary people to speculate, so China does not allow Bitcoin to circulate.

Third, any industry is relatively easy to control in the early stage of development. When more and more people are involved, even if legal control should be introduced, it usually encounters great resistance. This may also be the reason why China will soon ban any local banks from supporting bitcoin transactions.

The last point may be the issue of carbon neutrality related to environmental protection, which is also the issue of climate change. I don't think this is the main reason why China banned mining. More consideration is the desire to prohibit the circulation and trading of cryptocurrencies in the country.