Theory? Was Bitcoin invented by NSA?
(news.bitcoin.com)
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I don’t think it is Chinese they may be using it now but they are clever but not that innovative, thus the need to copy all western IP. And there is chance Chinese citizens would use crypto to move money out of China which the rich Chinese are definitely doing
Bitcoins in general are banned in China, but still they can mine (that's a huge profit anyway with rewards (transaction fees) they get), plus they own almost the whole FPGAs / ASICs market (at least for quantities), those are devices specifically designed and made to mine bitcoin and other cryptos, used by any farm (and also private / small miners) miners with hundreds of pods full of those, and they cost thousands each, both R&D and manufacturing of those device is pot of gold, developing a single processor from design to production costs hundreds of million in euros
Governments ban stuff to retain their own use of it. then they go after the freelancers straying into their territory