China is a huge market and has significant assets which can support global initiatives. However, the government does take an aggressive stance in overseeing monetary policy for their citizens. One side effect is the limiting of overseas choices. They typically compensate by creating national alternatives, thereby reducing the dependency on foreign entities. This has had a detrimental, albeit likely only temporary, to the crypto-currency markets. I expect more such policy decisions in the future for China, but it wont crush crypto permanently.
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May it effect the market....