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The People’s Bank Of China Has Ordered All Financial Institutions To Cut Cryptocurrency -Related Services.  READ FULL DETAILS HERE:  https://worldpublicityblog.com/index.php/2021/06/25/the-peoples-bank-of-china-has-ordered-all-financial-institutions-to-cut-cryptocurrency-related-services/

Cutting of Crypto activities in china by people's Bank of China can only cause a devaluation in Bitcoin and other cryto currency value and this would only occur for a short while mean while I guess since other countries are gradually adopting crpto currency we still stand a chance of expecting a global acceptance just that it might likely take a short while. As for the Agricultural bank of China issuing the same warning I feel new minning pools would soon be opened at other part of the continent some where outside Asia

So surprise here, they have been in the limelight for quite sometime know, cutting down and clamping everything that is related to bitcoin. So this is forth coming, the sad news is that it is the Chinese bitcoin enthusiast that will be affected severely. I think it will contribute more to the capital flight that the Chinese government doesn't want to happen. On the contrary, it will just speed up the process.

Anyhow, as I have said previously, the effect on the market is already price in. And if other nations will take over specially bitcoin mining, the hash rate might go back to normal and might see the price recovering again to a new all time high.

im surprised that bitcoin is still alive after all this fud news

Despite this FUD, China failed to take Bitcoin down once and for all. They can’t influence the entire world in doing the same thing like they did. They had so many restrictions in the internet for the past several years, and now Bitcoin and the crypto market. It would be hard for a Chinese citizen to live with so many restrictions.

This will be just a short-term setback but eventually the price would rise again in the future.

There's really no point using VPN in situations such as this because the banks and financial institutions are concerned. Its best to tackle the situation by deploying measures which would not require the assistance of banks or going through the P2P access. The Chinese government could be very difficult and trying to override them may be disastrous.

Which time is China wanting to ban Bitcoin? Nothing will happen, and in a few months, China will change its policy and start liking Bitcoin or even finally launch its own cryptocurrency. Or maybe this is just preparation for introducing their own digital currency ?! Nothing in this country will surprise me when it comes to their politics. I would not be surprised even if they themselves intended to invest in cryptocurrencies and for this they cause price drops.

It seems that we will keep seeing countries supporting crypto today and stop supporting crypto the next day, I can't imagine how many times china have stopped supporting crypto over and over, it looks like a planned manipulation to me

Their central bank advised or ordered all the running banks to stop their relationship with exchanges but I don't think much exchanges are operating in China due to lot of controversies over the years since the beginning of crypto era so people are mostly doing p2p mode of transactions which can't e controlled. This is simply just doing the same thing when cryptocurrency market booms.

China keeps on banning or stopping the support on crypto, whereas, some countries like El Salvador [https://www.coindesk.com/bukele-bitcoin-law-el-salvador-september ] and Colombia [ https://www.coindesk.com/colombias-capital-unveils-2-8b-blockchain-investment-plan ] are going full support on crypto. If China will continue to prohibit the use of crypto, then, it is their loss. There are many other countries that are more open to crypto. Maybe in the future, they will change their stance again on btc or crypto, when they realized that their strict regulations on crypto doesn't affect the proliferation of use of crypto in their country.

Those who

China makes coins for its citizens, so they don't even care whether outsiders want to buy it or not. as long as the citizens' money doesn't go out they won't care about anything else. it's like when their government banned social media. then they made a special platform for citizens to control.

Is this for real? Seems like a very hostile move against crypto. Luckily the world is bigger than China but still it would damage the space bigly. The price of btc is down by 2.88% now. Looks like it is reacting to this news so It must be true.

China just cuts itself from progress. Yes, it's led to big crush of crypto market but it will recover from this. But in long term it's gonna be back on train. We'll see where'll be China in that time.

It's not totally correct. China is trying to restrict the use of global decentralized crypto while promoting digital version of it's currency and other regional and tokens. They are also promoting the use of blockchain in everything from agriculture to supply chain.
Even though they are trying to block bitcoin and other crypto, Chinese are still more interested in them. P2P trade are getting more popular in China.

Yes, this is a way that can get rid of crypto and force to buy currencies managed by China, they openly declare resistance to crypto other than the Chinese Yuan, if we follow what China wants it will only enrich China and make our assets sink.

Nice try china nice try, this still won't stop crypto from been that precious valuable assets than gold, I suspect they are doing this on purpose to drag the market down to a whole new level, I won't be surprised if the government starts buying crypto and making tons of money out of the tech, they know what they are doing fellas

it already happened since bitcoin became popular but we can't deny that the big country was giving a very big impact to the crypto. China was a dictator country and anything that already seen as a threat for the china will be taken down by the regulators.
This is not something new in the crypto but  there were some bad cases about bitcoin that was making the market condition was become even worst than before.
The fact that so many people are shorting their bitcoin.

It thus look like a planned work, how will china benefits from BTC if the price keeps rising? A country can double their fund if been put into crypto instead of stock market so don't even think that China is stupid, they did this to cripple crypto market for some time

Lol the great firewall of China. They are literally banning everything in their country so that they can have more control over their people and suppress information around the world. Won't be surprised if they end up banning international travel just like NK. I have a very bad feeling that things won't end up good for the Chinese government. I wonder how it feels to live in China. It would be the last country I would like to live in. Just waiting for China to launch their own "crypto currency" they have been talking about.

It impacts so much on bitcoin price because 60% of bitcoin mining happens in china because of cheap electricity. When china announces about bitcoin ban then mining company has to stop their business and sell their mined BTC. Investors also know that very well that is the reason behind this market downside. It's actually not about the size of china. It's about those mining company that is located there.

Fucked China  :( They talk like crazy. Sometimes they say that crypto is banned from China and again saw not banned. They speaking differently at different times has ruined the market from its normal behavior

I am not surprised by this news Even before this, many times China has tried to crack down on crypto, but its effect does not last for 3-4 days on the market. It basically affects the Chinese crypto enthusiast. Let's see how the market reacts Even before this, how many times has China tried to crack down on crypto, but its effect does not last for 3-4 days on the market.

I don't really believe that China is serious about cracking down on crypto. If they were, they would attack the exchanges first. The exchanges are the FIAT gateways for crypto. When you attack them and destroy them, people won't be able to trade crypto. When they can't trade, most of them will become worthless.

Among all the backsteps China have taken, closing miners is a good boost for the future of crypto as the world was getting wary of a lot of hash from every mineable coin going to China. Though they would prevent financial institutions to provide crypto related service, crypto would  still flourish in China. Not even the Chinese government can effectively block crypto. And for an oppressive regime like china, crypto could be the only way out for a lot of population.

China has been making a lot of restrictions when it comes to crypto. Banning of bitcoin in China has made the crypto market started to decline aside from the tweet of Elon. But all these things have been proven that bitcoin can't be stopped by them or any other group.

Now, another news  was out and  cutting of crypto related services will never be totally done because crypto community will still find ways to continue its services even if most financial instiututions will agree on China.

I do not know how many times we are going to see the same or a similar news coming from China once again banning bitcoin, it seems they do not realize that the more they do something the more impact it losses, personally at this point I am done with the Chinese government, if they want to stay away from bitcoin then so be it, bitcoin does not need them or anyone else by that matter, and if they keep that attitude then it will not be long when we begin to see businesses avoiding China and their policies.

Is that a reliable news website for such?

Whether China have actually did this. They've been doing this long time already and there's always the news that rotates about them about cracking down mining facilities and banning ICOs a few years ago.

If they're doing this to their financial institutions, no one can stop them but the market will continue despite of this bad news.

China has always been a country with a hostile attitude towards cryptocurrencies, it is not uncommon for them to make decisions against the market.
But I think no matter what decision China makes, the market will continue to grow.

China is doing everything possible to block bitcoin, crypto in general and their mining, banks have directives not to provide services to those who are crypto related, forecasts say that within a few months 90% of miners located in china they will shut down the machinery, this can quickly lead to a bear phase of the market

China is fucking up all the money. Bitch ass bozos.

So much for being a super power  ::)

Why go through all this and not learn from the technology, maybe embrace it to your advantage...of course you can't have it but you can make it your second home.

I guess it's too late to reverse these decisions, I hear miners are packing out their Riggs and leaving China 🇨🇳....

china and india were among the first country to place a ban on cryptocurrency. Recently, all mining fans in china were ordered to shut down their rigs. many are moving their mining machines to another country. USA might be their destination. i hope they move into Africa. to make crypto more acceptable and valuable in Africa. china has never been in the positive side of the news.

This is not healthy for cryptocurrency followers, but in reality it wouldn't affect me so much because this was just only a part of fud. These days, many manipulators have been aggressively throwing bad news and making it exaggerating in order to influence the mindset of several people who's emotionally weak on their holdings. They thought it would cause panic, then after all if price broke down that their perfect opportunity to invest when value started to decline.

Another FUD again?
I really wonder why this country hates Bitcoin so much. Even though most of the citizens are, on the contrary, many are concerned about crypto. After banning mining in the country, now they are spreading FUD again. Even though there has just been a breath of fresh air if the miners move their mining out of the country and this is a prospect for Bitcoin to strengthen again. And again, crypto will be hit by bad winds from China again.
We'll see what other FUDs they will spread because I'm sure that they won't stop disliking Bitcoin and other cryptos.

I dont know why all the people are shocked always about this. Every 1-2 years China always bans crypto and then after some times unbans it. This is just the power of China to manipulate the market. But like you said the market will always grow. Intresting thing is that Tesla then China then all this news were almost at the same time 1 month diffrence maybe.

Its a bad decision from China govt, they didnt support their miners to keep a Hash Dominancy on Bitcoin, now U.S will take the opportunity to have the dominance. or Maybe Russia.

So we are seeing a well-cordinated plan has been executed to buy BTC cheap? It's true that China is banning crypto since 2013 so that nothing new. It looks like big players are doing battle inside between them to gain upper hands over the market. The market is in a stalemate situation right now so let's see who wins at the end.


Govt is not doing the mining private company does. So it's not about govt and the USA is also not very friendly towards bitcoin so don't be so excited. China crypto bans lead private mining companies to shift their company to other countries that are it. I think they should do that so that we won't have any problems with china in the future.

One of the after effects of this action, not to drag into any bad situation but Bitcoin will find ways.

It's been done before and they already created same action before but look how far Bitcoin went after that.
We will see more price action afterwards,

Both sides have their time of dominance, bull and bear will play and let investors to track which sides will let
them gain from their investment. Work wisely and not to fall with this kind of news.

They literally keep repeating the same thing over and over again to FUD the market, remember that they keep saying they gonna ban crypto every year and preventing institutions form dealing with crypto like from few years ago and you can see people over china still be able to use cryptocurrency freely.
I think at this point people should learn to just ignore china's statement against crypto, they can prevent crypto from flourishing in their country as they want, people just gonna move over using overseas service etc.

This is why I hate communism, but at any rate, they don't stop this crypto revolution at any cost, people now are widely open their eyes and we don't want to control our life, finances and everything, so this news about china is nothing to do with cryptos.

I don't know how much role Communism is playing in this, but no one can deny the fact that Chinese Yuan is in a weaker position when compared to any other asset that is protected against inflation. Each and every financial institution in China is manipulated, including the national currency and the stock market. The citizens are forced to invest in overpriced assets (stocks, real estate), since they don't have any alternate option. Bitcoin gives a lto of people that alternate option, and that is the reason why the government is getting so spooked. 

Any news affects the price of the cryptocurrency, but I would like there to be more positive news than negative. But currently, such negative news from China reduces the price of the main cryptocurrency, and with it the price of all altcoins decreases. But the market will definitely adjust after this news and will continue its development.

I think so too. The effect will only be temporary and accelerate the arrival of the bear market. And for the future, so to speak, it has no effect. If we could see from the future，i think the overall trend for cryptocurrencies is upward，i believe this point very strongly.

China made the biggest mistake in removing hashrate dominance of their country. But as always after every bull run china always announce a blanket ban on cryptocurrency. Im sure sooner or later they will change their mind but it will be too late.

China's strict stance on cryptocurrencies continues. This news is pretty bad, but we're above $30000. I hope China will be alone in this war and crypto currencies will become widespread in the world. Cryptocurrencies are now an irrepressible force and everyone will learn about it  >:(

China is one of the most richest country in the world and their actions makes a huge impact on anything no matter what it is. Even on crypto, now that they are cutting off Crypto-related Services, the value of bitcoin will surely be affected. On the other hand, this might not last long as it seems to be a strategy by China as they officially open up for crypto in the future. Also, those people who are restricted will surely find a way to access crypto services still, the internet is too vast for them to settle and follow the rules set by the government.

hopefully, there will be good news that can make up the resistance that China has made so far.
what is done will definitely have an impact on the development of crypto in China. because we know there are a large number of crypto miners in china.
looks like we are starting to need help from people like Elon in large numbers to make adoption increase in the crypto market. After a few corrections, the market is currently very vulnerable to a big dump that could happen at any time.

I am also starting to believe that this is a planned scheme by the Chinese government, to control their citizens and existing businesses and corporations in the country perhaps. Although this decision may had an impact to crypto, I agree that this won't make crypto end here, especially that many people globally are also starting to engage with crypto.

actually no need to worry about what China doing right now, they do this not only to crypto market but it did too for another  giant tech company such as google. China will take disadvantages due this policy, they will loss billions dollar from crypto market.   

They have been banning all the crypto related stuff for a very long time, it is not something brand new. I would love to see them not do something like this but unfortunately they keep making it bigger and bigger and there is no way we could stop them. It means China and crypto will soon no longer be together, and all the Chinese money going into crypto will not find its way into crypto, at least not the small investor.

Big one could take his money out somehow, I do not know how they could do it, after all they are really not that familiar with how Chinese ccp works but I know that there are rich people who buy stuff overseas, they could do it like that. All in all it is china, do not expect them to be fair about anything, they will only care about what they can put their hands on, if they can charge taxes, and very high ones at that, on crypto, they will suddenly support it as well.

China has always been on an offensive side with cryptocurrency, the government has banned most activities as it relates to bitcoin/cryptocurrency this has been for a while now. China banned has affected the entire cryptocurrency space because China houses most of the modern crypto mining farms.

It is a big surprise that these news are coming out again as if these bans are new,

Here is the timeline for all their cryptocurrency related decisions.

 

• initial coin offerings (ICO)  September 2017
• People's Bank of China (PBOC) basically their central bank banned all exchange trading somewhere around 2019

Further Chinese institutional investors were banned from investing in BTCitcoin years ago and these news are coming out as if they are new decisions.
 

might hit the whole crpto world
but wont affect it as a whole
theres been a lot of country that tried to control or even ban crypto in there territory
but still Crypto exist and prevails
such new wont even leave a dent

Today I have seen the videos of the Chinese miners closing down shop. It was on instagram and I can tell you that it is still a good thing that this is happening. At the end of the day someone else will start those machines back on and you will end up making a good amount of profit. Why would anyone care about just china? Sure that was good because they were all there but eventually we are not really thinking that people who made THAT MUCH money could potentially just stop? They are just going to find another way to get those machines working again, no matter what the method is, they will find a way and make that profit eventually again.

When you create a business and profit a ton, there is rarely any method people can stop you, this is not like a few thousand dollars, this is tens of millions of dollars and they could just cross the border and keep on profiting for sure.

I believe, the ulterior motive is that they have no full control about the usage of cryptocurrencies.
And knowing China, as much as possible they want to track the movements of their people.
If they will be loose about the usage of crypto, they won't know the full movement of funds.
However, this restriction won't stop their crypto users to continue their crypto involvement.
They will always find a way how to go around from these restrictions.

I think their ulterior motive isn't to control crypto but to keep people from using crypto because they about to launch their own CBDC. Basically they just want to make the market available for their own digital currency so that it could become a huge market instantly and the mining crackdown was due to their power outage that has happened some time ago which actually is good to decentralized the hash rate to some extent, just see how the miners are moving out from china to some other countries with less authoritative government.

I agree with your point. Honestly we never need to worry about the recent stand of Chinese government against crypto related operations. When people have already made and used to lots of profits out of their crypto operations then definitely they will think about migrate into different country so that they will get back to their same profitable business.

I believe already most of Chinese bitcoin miners might have planned up like this and this is the reason I keep on saying we never need to worry about China's ban on crypto operations and never need to sell off our bitcoin holding.

Yeah, this might for the intention of making their digital yuvan more familiar and adopted instinctively by their own people. But, I strongly believe these cannot definitely stop people making use of bitcoins.

What better way to promote their own than to try by any means necessary to destroy the already existing one, at least now we know what their intentions are, they are not fighting crypto and blockchain per say they are only making way for their own digital currency to flourish, Goodluck to them on this, I hope their idea can only remain within their location because no other country will be interested in their digital currency.

One of the reasons for the decline in the price of Bitcoin is because Chinese financial institutions have banned cryptocurrency transactions. This ban is the second time since 2017. But I believe that even though there is negative sentiment from China, the possibility of bitcoin prices rising again is certainly still there. Especially when considering bitcoin's strong and solid fundamentals and its limited number

What is new with this regime, Nothing. They will keep banning things that they cannot control. Looks like they dont have control over bitcoin miners that why they decided to start banning them. The environment reason is just a smokescreen since they keep building coal power plant.

It is very sad for chinese people to be treated not liberal by Xi Jin Pooh.
If a chinese citizen want to buy Bitcoin, he can't and won't make any profits from it. It is not very good for himself and also not very good from China government because people can't make money from Bitcoin.
It is very bad for China also because no taxes from profits and more purchases when people have more money for purchased from Crypto profits are taxed.

I do not think that it was this news that collapsed the work of the crypto market - almost minus $ 1 trillion of capitalization, fell from $ 2.4 trillion to $ 1.3 trillion. But the influence of China on the crypto market is, and the policy of prohibitions in China can significantly affect the crypto market, and "steal" the profits of not the fastest traders. In a word, nothing terrible probably happened, but the risks are different from 0, that China's policy will "remind" itself more than once ...

This is simple, no government wants to lose control and this is even more true for the Chinese government that is doing everything they can to monitor their citizens, they are afraid that if they allow bitcoin to flourish then people are going to ignore the regulations they have put in place, and lets be honest they are right, people want to experience as much freedom as they can and this is not possible when the government is as oppressive as the Chinese government is.

It's not US nor rusia but the miners already proposed another country as the next country to migrate their mining rig. You must read that on the latest news if the miners will be going to another country to continue their operation as the china regulation already stricted them all to mine bitcoin while they are still very profitable to mine bitcoin.
Rusia is too far for the miners to migrate their mining rig and that's quite impossible to happen dude.

I also heard this and it did affect market conditions. we see so many crypto miners in china who have to move their devices if they want to continue their work.
I don't know what China's problem is with crypto, but they always do it. or indeed they are really afraid of bitcoin and crypto rule the world financial system. I think there is something wrong with the reception system in China.

Good, the less the Chinese meddle with any market in any shape or form, the better for the rest of the world.

After the migration of miners is over, we can expect even greater decentralization of bitcoin, since mining pools will be dispersed across different countries. Thus, the Chinese government will no longer be able to influence the hashrate of the network with its bans.

Of course, first of all, the Chinese government, before officially launching its digitized yuan, begins to get rid of possible competitors, which are cryptocurrency. Therefore, it is no coincidence that the topic of high energy consumption when mining bitcoin began to be raised once again, and then, in general, the restriction and prohibition of the circulation of cryptocurrency, which is expressed in the fact that all state financial and other bodies do not provide any services in cryptocurrency. It was worth expecting and especially expecting such a step from the Chinese government, which has always chosen its own way of developing its economy. Moreover, it should be noted that it does this not unsuccessfully.

It is not difficult to see why they fear bitcoin and the market of cryptocurrencies in general, China has a very strong control of the economy and their citizens and they try to monitor everything they do, bitcoin allows their citizens to experiment freedom like they have never experienced, this could be bad for them as this could eventually lead to people asking for more freedoms and social movements taking place in the country that cannot be stopped, so they are trying to stop this and the best way to do it is by slowly disallow and ban cryptocurrencies.

no more spread from china that will attact cryptocurrency market. if miners totally spread around in the world and no only centralized in china , this country will not have super influence again to crypto market. this is make balances and truely decentralized , for long term purpose this is will give great impact to cryptocurrency price.

We believe that cryptocurrencies are decentralized entity and the way China has handled Bitcoin and other cryptocurrencies have almost made it look like cryptocurrency is a China centralized currency. Everything China is doing now will be the best for Bitcoin and the general cryptocurrency even though it might hurt the space a bit but it will eventually pass and that influence will no longer be there.

If they want to go out then we can't do anything on it, it will have little effect in the market because Bitcoin is well adopted in many countries and companies now, thanks to the Chinese for being its early supporters but it's time for the world to show that we can stand and move forward with or without China's participation, it will be better in the long run.

honestly i am very glad when China decided to crack down all miners in their area, its good step for cryptocurrency to realized true decentralized for cryptocurrency market. And when they order to financial institutions it will complete they previous policy and abandoned crypto transaction . Due this policy , soon or later China will lose their power in crypto market , it will make crypto market have good ecosystem and no more one country dominate market and controll it.

The Chinese government wants its citizens to invest in manipulated markets inside the country. Every investment option there, be it the stocks or the real exchange market, is heavily overpriced. Most of the citizens have no other option, so they make investment with these assets. But there is a vocal minority, which refuses to obey the government. They continue to ignore the  government directives, and investments are routed towards cryptocurrency using various loopholes. And at this point, I want to make on thing very clear - our opposition is towards the Chinese government and the CCP, and not towards the ordinary cryptocurrency users from that country.

This is a really bad move for China, it is similar to what happened to the early adopters that sold their bitcoin when it went up in price a little bit and then they missed years and years of profits, China is trying to leave the market just when bitcoin is about to explode in adoption, and the worst part is that they are doing it over nothing, they will never control bitcoin so they might as well obtain some benefits out of it, but at the end of the day that is their decision and if they want to do this then we will let them and see the politicians regret their decision in a few years.

I think nobody is against the cryptocurrency users from China, I hope so.

Concerning his argument about true decentralization, you will most likely never achieve true decentralization! You have either superior hardware which you keep to yourself or superior electricity prices, which China has.

What I am wondering about is whether the Chinese government will stick to their decision for a longer period of time or whether there will be some negotiations or certificate solutions like in Iran.

now CHina has less power in cryptocurrency market after they crackdown miner and its moved abroad. with decentralized miner in around the world, now China only could fud by issuing negative policy. SO far cryptocurrency market have strong from billionare from any countries which is make statement added bitcoin as their investment assts. soon or later China will not be super power country in cryptocurrency market.

I agree with you, we know that cryptocurrencies are decentralized, and full control rests with the owner and doesn't need to be influenced by slanted news. But whether the whale is controlling prices by taking advantage of the slanted news needs to be investigated.

This behavior is bad news for Chinese cryptocurrency investors. But this also means that more feasible methods will be invented to better serve cryptocurrency investors.Cryptocurrency investment behavior is unstoppable。Because there is profit.

Yes you are right, China's influence has started to fade. Since they issued a policy to ban all activities related to crypto, China has no influence on the market. now they can only be spectators who can only spread FUD. we don't need that country after all, because without China the crypto market remains strong.

at this time maybe china has no influence. but it's not impossible for them to remove the ban in the future. When the whole world accepts crypto, China will surely follow suit. and that's when their influence will return. so China indirectly influences even though they are not directly related to the crypto market.

I do not think anyone is against the Chinese citizens, if anything I am sorry for them, they have to deal with a government that is always on their back and telling them what to do and despite all of that they are still holding their bitcoin and investing in this market, so if anything I feel admiration for those people, however China is doing what they have historically have done which is to try to isolate themselves and it is a tactic that it has not worked so I cannot understand why they are trying it again.

China still have influence to crypto market , but now its not stronger as before. Miners already crack down , and finance institution cutted of for cryptocurrency transaction . SO in which part they will FUD us again? Now China power getting weaker and weaker due their consistance to ban crypto but community getting stronger because they already accustomed with all of this.

if every traders confidence to hold their bitcoin or cryptocurrency assets no matter happen in market , i am sure its price will always soar. but in the fact we have diffferent mental , psychology and emotion that will form our character in market. at least from any fud in market we should now that everything controlles by our self, did we will hold or sell it.

They are influential in the market with the news that is coming from them. I guess there's no way to remove their influence on the market because every news that comes out in that country, the market moves as much as it can and as effectively as it can.
That's why news is choosing to have their headlines and articles came from China if there's someone who wants to pay for the spread of FUD in the market.

You are not wrong but we must remember that rumors travel really fast so even if they are losing the power to influence this market that does not mean that newbies are going to be aware of the changing landscape, so if they want to FUD the market again I think they can do it and they will be successful, the difference I think is that if this happens again the price is bound to recover very quickly as the people like us will know what is up and we are not going to fall into that trap and we will buy bitcoins instead of selling them.

It happens because of chinese political structure. The government wants to control people, but crypto is unregulated so they can’t let it develop. Authorities can't put up with such a strong economic rival, so they restrict everything that is connected with crypto. They are trying to replace cryptocurrencies by creating digital yuan, but it is not the same as classic crypto as  they will still be regulated by the government.

And they do control people like hell. They would never want cryptos like Bitcoin or even Monero play a privacy preserving role in the country. With all the technology to control their people in place, as far as I know they even abandoned cash, you can't do anything in China without the government knowing. You even get a score for the way you live.

The government established its power with his nation no question about that.

If you want to live differently you need to move out from their, but I doubt that they'll allow their citizens to freely migrate without

any questions or any clearance, this strong rulings against crypto signifies that they are really restricting everyone to take part with
crypto industry, they wanted to imposed their digital yuan nothing else.

Although this is negative news, China has always opposed and banned cryptocurrencies, but Bitcoin is still developing. And there are many encryption enthusiasts in China. They may "move" or use P2P transactions to pay in the future.

China has always been unsupportive of cryptocurrencies because China has its own national currency and has been issuing policies to suppress cryptocurrencies. However, I think there are still many crypto enthusiasts in China. After they see their own country’s policies Will you continue to hold it?

Whenever there is news of China's suppression of virtual currency, the market will be affected, but I think that China bans mining, and most miners move out of China is beneficial to Bitcoin in the long run. The market will not remain sluggish, and the impact will only be temporary.

More than 95% of the mining equipment is produced in China (Bitmain, Canaan.etc). Unless we remove this dependency, the mining sector will always remain overdependent on China. The mining operations can be shifted to Kazakhstan or Russia. But what you will do without the mining equipment? And from what I have heard, the crackdown has impacted the rig manufacturers as well. Now this definitely doesn't look good for the long term. Also, as the hash rate gets lower, the chances of an attack against Bitcoin goes up proportionately.

These crypto enthusiast were getting stricted by china and it's not only that the regulation that already created by china already affected the policy that owned by all of companies from the china.
I can tell you now if tiktok was also banning a content that related to the cryptocurrency.
that being said that if china was also pressing the companies to take an action against crypto.

I am sure if you are rich it is even harder for you to leave the country because the Chinese government wants to keep as much capital within its boarders as it can. That is why they are against Bitcoin. It makes it much easier for those who really decide to take that hard step and leave the country to take money with them without the government noticing. With banks it is not possible. Your transfers will just get blocked and they probably raise or tax or anything like that to make it even more painful for you to leave.