China has "banned Bitcoin" dozens of times over the last decade. I mean, this is an ancient and well-known meme involving a certain South Park clip after all.
Maybe this time is for real, but all of these media announcements have one thing in common. They always conflate the concept of "legal tender" and "legality."
The number of authorities around the world who have warned citizens about Bitcoin using language like "no legal tender status" and "risky" and "no government guarantee" is legion. Easily thousands of times. Every time "journalists" with no business reporting on tech, law, or foreign governments interpret this as a "ban." 99% of the time, nothing happens and there is no ban.
So, maybe this time is different. Over the last year, an initiative toward greater centralized control seems to be underway in China's tech and finance sectors. Disappearing of wealthy founders. Restrictions on video game consumption. The three red lines. The ejection of the Chinese mining industry.
Then again, maybe not.