If you search back through the posts responding to Matt’s Mania about Bitcoin you’ll find posters referring to its allure for criminals. In starting to ban cryptocurrencies the Chinese government is making the same point:

“State broadcaster CCTV has said cryptocurrency is a lightly regulated asset often used in black market trade, money laundering, arms smuggling, gambling and drug dealing”.

https://www.theguardian.com/world/20...ay-for-bitcoin