China was the first major economic power to rise against cryptocurrencies. Crypto exchanges were attacked right after banning ICO projects launch, which made them transferring jurisdiction to other states. Obviously, such kind of activity couldn’t go unseen.
Despite being totally centralized, the Republic of China keeps up with the cutting-edge technology. What is more, even “Great Firewall of China” is loyal to local digital market with billions of users (China has its own social media platforms, messengers, and other services), though it blocks international internet providers and IT companies.
It’s unlikely that China will miss such lucrative spheres as blockchain and cryptocurrencies. Perhaps, the Chinese government has decided to follow the old scheme and cut off access to its market for external players in order to bring up its own ones that will be competitive enough on the global scale. For instance, the founders of NEO (which is already considered an Ethereum alternative) declared the possibility of cooperating with authorities.
Who knows, maybe shortly we will see Chinese cryptocurrency, Chinese crypto exchanges, and diverse blockchain-related services the others are just talking about.