Chinese Yuan is not a freely convertible currency, each Chinese individual can convert their CNY to a foreign currency up to 50k USD value, the conversion process is tightly reviewed.
If banks start offering crypto, they are essentially offering CNY -> Crypto -> USD, the regulation is being circumvented hence they are not happy.
I thought china was rich enough and had huge internal demand for its produced goods.<p>But it's banning cryptocurrency to save its economy? Doesn't seem like their economy is robust enough now.
Their reasoning here is pretty sound if you ask me.<p>I wonder if the 'free world' follows suit or lets it all play out.<p>I can see a few people getting very wealthy and most people making just a little bit or losing money. That's not much different from 'business-as-usual'.