What is the real reason behind banning all kinds of cryptocurrencies in China?

Good day. A month or two, we have the same question in Russian Zen resource. After some answers, written to support cripto currency boom, I presented several cases of giant frouds with criptocurency, when people, enthusiasts, lost millions.

That idea: criptocurency is not secured, it could be stolen, moreover, stolen without any traditional techniques to find the culprits, it was figured out that this model is vulnurable.

It is only question of time. When there is a turbulence in fiat investment, this classical investment go to criptocurency, and then, a question of time how it will fail, and what domino effect create.

In fiat investment, the froud is possible, but it is possible to compensate loses to some prioriterised investors to avoid domino effect.

Also, money invested by millions of amatour, can cause a political problem, this is not just a Chinease specific.

This is a temporal problem. China need better virtual money, to avoid all negative effect of a young technology. For instance, with some HW criptographic and identification equipment, used to trace the chain of translations to make it secure. I think, some day it will be available, and mining will be allowed.