One would be naive to think that a government like PBOC would just let it be. But this is long-term positive news for Bitcoin. It is good that China is taking

One would be naive to think that a government like PBOC would just let it be. But this is long-term positive news for Bitcoin. It is good that China is taking steps to regulate the cryptocurrency world (starting with an outright ban, I guess) Especially the ICO's, which are mostly scams, and even those that aren't should probably be treated as securities. Bitcoin (and other crypto-currency) exchanges also could use some regulatory oversight - if you watch the order books even on US-based ones like GDAX there's non-stop spoofing and other trading illegalities that would normally get you banned from any exchange and perhaps land you in jail in a jiffy. It will be interesting to see what happens if we lose the China hashing capacity. If that happens (and it looks like it already is), we will have slow blocks until the next difficulty adjustment. In general the more of this sort of thing happens, the better it validates the Bitcoin model. What doesn't kill it makes it stronger.