And I think that states begin to act in this way because they understand the danger that threatens them. And besides, there is a global war between the "old" and "new" world order. The same El Salvador, for example, did exactly the opposite, and the size of the state does not matter .Created a precedent.
In this case, China seeks to remove a competitor for the free and unrestricted circulation of its digitized yuan, which will soon be officially launched into circulation. Therefore, the prohibition of transactions in cryptocurrency is apparently taken seriously there, and if nothing changes, then for a long time.
However, we see that such a decision had only a short-term effect on the cryptocurrency. Over yesterday, the price of bitcoin has grown by almost five thousand dollars now exceeds 54,700 dollars. But the Chinese government will no longer be able to periodically throw up negative information for the cryptocurrency. In addition, this will be a good precedent for how effective such a ban on the part of an individual state will be.