Been living in China 6 years. China doesn't have a legitimate stock market because of widespread government interference and corruption. The real estate scene is a huge bubble, propped up by the government. There is a limit on the number of houses one can buy (you can't buy land). So Chinese want to invest outside China, but the government will not allow you to send money abroad to invest. SWIFT transfers, whatever....not allowed for investment purposes. So Crypto presented a loophole for moving money out, and it was banned for that reason.
In summary- Crypto = financial freedom. CCP no like financial freedom. CCP ban crypto. Simple. Nothing to do with the digital yuan.
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