China will not do anything of the sort. It is a law that will not be enforceable. How exactly do they plan to "ban" crypto? If they shut down the exchanges they all the Chinese have to do is use a browser that relocates their IP, go to another close buy country to legally by cryptos and put it in their wallet, buy peer to peer with each other (arbitrage profits will be insane if that happens). They can't do it...thats why they have not done it. They are just trying to scare everyone on the off chance that it might become unpopular.
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They can't ban the cryptocurrencies or trading for that matter but they can scare people.