China's Cryptocurrency Plans Are About Power, Not Innovation
In early November, China’s economic planning organization—the National Development and Reform Commission (NDRC)—removed cryptocurrencies from a list of industries that are denied assistance from local governments and that could eventually be banned throughout the country. This move appears to be part of a larger effort by the Chinese Communist Party (CCP) to reassert government awareness of, and influence over, the nation’s massive digital financial markets.
Source: heritage.org