We all know that China has a total ban on cryptocurrencies, including but not limited to no mining, no circulation, no trading, no banking services, no listing on exchanges.
What do you think countries have to lose by making this choice?
Perhaps, they love to do that, therefore, they lose everything from benefiting from this new technology. I couldn't say they are wrong but something they wanted to keep everything on their premises in control. It can be a loss of opportunity for their people to do business in crypto and do investment, but unfortunately, they don't have the voice to oppose it.
But what I see is that - they lose freedom. That is why many Chinese people are moving out from China just to have peace in mind and freedom to do things at their own.