It's so absurd watching all this going on in China. This is what happens in a country where all decisions are dictated by one leader. This is a huge decision affecting very many of their investors and people who had started improving their standards of living through cryptocurrency.
Although trading is still going on on overseas platforms that are still being used in participating in virtual currency transactions, the government is closing down on them too. This is so sad, I hope the people would protest this injustice done to them.
There are other ways illicit activities can be stopped other than banning cryptocurrency.