United Workers Party Leader and Financial Economist Dr Thomson Fontaine notes China outlawed crypto currencies due to their potential to be used to commit financial crimes

Using a system known as cryptography, cryptocurrency is decentralized unregulated and hidden, which has significance due to the fact that it takes your input and changes its form, so that only the sender and the intended receiver know what the transaction is about. That’s according to financial economist Dr Thomson Fontaine, leader of the United Workers Party.
 
He pointed out that crypto currencies are risky, because they are beyond the authority of the government, and you never know who is behind any given transaction. According to Dr Fontaine, people have used this to perpetrate financial crimes like money laundering. Dr Fontaine gave further information on how this is accomplished.

Dr Fontaine said the Chinese governments declared in 2021 that crypto currency presented a threat to their financial system, as they could give rise to financial crimes. He further pointed out that theses transactions are only known to the sender and receiver. All of those factors combined led to China's total ban on cryptocurrencies in its financial system.

Leader of the United Workers Party, Economist Dr. Thomson Fontaine.