Interesting, though I doubt Bloomberg sources their Chinese government and market insights from bad-acting whales, more likely sources within the party/bureaucracy, and wouldn't be surprised if these leaks were controlled in the first place. The narrative fits the reality perfectly: China has been trying to stop capital outflows for years and crypto is a huge thorn in the side of those efforts.
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Thing with China is that for being "communist" they highly value the real economy, productive people, etc. hence, block chain is seen by them as something not real and highly speculative. Actually Mining could be considering a productive job, transforming hardware computing to coins. The problem with them is a cultural thing, and of course to not forget that is a closed economy ruled by an authoritarian party which does not want to lose the grip.