Woah dude calm down there. China is doing what is best for them and they are NOT banning Bitcoin.
China as in the Chinese government is doing what they consider to be the best for themselves, and not for their people. Chinese government has been utterly paranoid when it comes to every tool and asset allowing people to get their wealth to exit the Chinese borders - Bitcoin and crypto in general is their worst nightmare in that aspect. People there enjoy zero freedom to choose for themselves what to do or to use, and that's a damn shame. Bitcoin gave them this freedom, but yet we see how their government steps in and tries to hammer down on Bitcoin.
this, and you get a cookie. this is 100 percent about capital flight. not only did they prevent future capital flight by doing the ICO announcement (they killed the price of everything); they also made the ICOs return the funds (again ensuring none of that precious capital can leave) AND shuttered the exchanges. that show me zero fucks were given about the People's value; the PBoC saw too much money being made by the wrong class, and assumed that money would try to eventually exit (is it that bad over there LOL). they had to know what effect this would have on their market, hell, the whole market given their share. so I have to think this was mostly intentional.
