A very good idea
"China has lately cracked down on lending practices it feels create opportunities for speculation and/or introduce risk to its financial system."
This seems a very good idea. The worldwide combination of low interest rates and rampant financial speculation ought to frighten anyone with even the slightest knowledge of history. Cryptocurrency isn't the only problem of course. Neither probably is it the biggest. But it sure looks like trouble is brewing out there. And my guess is that cryptocurrency will be one of the casualties.
It looks to me like China might be wisely shortening sail and battening down the hatches before the storm breaks. I think the rest of us should consider doing the same.
Recommended reading: https://www.nytimes.com/2021/05/18/opinion/archegos-bill-hwang-gary-gensler.html