It's good to see the news being brought up by someone that is actually in china, bypassing the great firewall with VPN of course. It looks like China government entered in panic mode about Bitcoin, they saw it's power, got scared so they try to stop it. They want to create their own crypto, which could possibly be Bitcoin Cash for all we know, since Bitcoin Cash is a scam controlled by chinese gov-sponsored miners and vendors.
Oh and the price is going back up. This shows bull pressure is as strong as ever without China.
https://www.youtube.com/watch?v=XBjKds7zGlI
This guy points at a Bitcoin Cash-China connection in terms of the price, because there was a suspicious green candle when the dump happened.
Also there's speculation happening about how NEO could go up since they want to turn it into the Chinese Ethereum.
Whatever the outcome with these coins are.. what's clear is, China doesn't want the hands of westerns on their crypto. They want the biggest whales to be Chinese, and they want to be able to influence on the development, so they want Chinese developers too, or at least funded by Chinese money...
what we are seeing is clear, a battle for the control of crypto. The good news is, Bitcoin cannot be controlled, it will remain the global decentralized original blockchain.