"All of this [took] place within a relatively permissive attitude of China's financial regulators and central bank." Li says. "I think it's fair to say China's fintech revolution—China's Internet revolution in general—would not achieve what it is now without the overall more permissive attitude of Chinese government regulations." Given this context, Li says, he expects the government to encourage development in blockchain-powered technology "as far as [developers] remain in these parameters set by the state in terms of the direction of innovation."

https://fortune.com/2019/11/01/china-digital-currency-libra-wakeup-call-us/