They don't have 1930s collapses or Madoff or Enron or 2007 collapse in their cultural DNA to build immunity against scammy speculators.
As a result of this, China's markets are overwhelmingly populated by retail investors who are more vulnerable to kind of ICO schemes we're tired of seeing in HN.
https://www.ft.com/content/e5af8da0-1fc7-11e5-aa5a-398b2169c...
He was sentenced to 150 years. «Lightly.»
The CCP cares about population destabilization and independence movements above all things. Economic control starting at the provincial level up through the CCP is job 1. The CCP is very watchful over their provincial governors getting too much power and alternative currencies offer them a potential way for provinces to exploit their local power.
Some countries like Albania had very damaging scams that implied a sizeable percentage of their economy.
What they fear is Ponzi pyramid schemes damaging the economy. Several ICOs have reached a billion USD without any product and often anonymously. These can bankrupt whole areas of a country. Now is the time to stop them.
Remember that their growth is exponential and one at a billion already puts it high in the history of Ponzi schemes (Ponzi himself 'only' caused around 200 millions. Madoff is the recordman with between 50 to 150 billions). Let them grow for more generations and there is a very big risk even for national economies.