Chinese are turning towards other means of trading

[pooya87]

China's outlawing of crypto transactions

That's a lie. China never did such a thing. What they did was that their banking system said they will no longer allow their users to use their money to buy bitcoin through their services.

[davis196]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

That was pretty much expected.I don't think that the Chinese government has the resources to control the financial activity of hundreds of millions Chinese people.CCP would need millions of clerks.
The only global implication for the crypto market would be the fact,that there won't be a major crypto price crash,at least for now.The crypto traders got used to the China FUD,so they aren't panicking that much.
By the way,If you want us to discuss "a recent article" ,why don't you post a link to the source?

[iTradeChips]

A recent article reported that China's outlawing of crypto transactions backfires: more Chinese are turning to underground projects and decentralized exchanges without the CCP's control. Do you see global implications for the crypto market?

Trying to send its citizens back to the stone age era was never the answer for this. Crypto is here to stay and am sure the government ( CCP) were very much aware that there was a possibility of this going underground should they use their authoritarian style. For all I see is a missed opportunity to leverage the technology in their favor or perhaps find ways to tax and grow its revenue streams.

I think your usage for stone age era is not really that precise as they are not really living the "stone age" life right now, nor their lives will be such without Cryptocurrency. You are not touching reality by saying that. Instead you can simply say that Chinese citizens that does crypto will be affected in a way that they won't be able to have such financial freedom to choose in terms of doing investments. Surely they will miss the opportunity like you said, but not enough for them to go back living in caves.