dRMB or eCNY is all about control.
xi jinping secured president for life in 2018 but said he opposed the idea of using it. but recently he has been pushing the nation away from western style free capitalism.
in 2021 china has started cracking down on a bunch of odd overreaching things: 3 hour limit on gaming for kids, no media depicting effeminate men(rip jpop kpop idols), the australian coal thing, clampdown on western visas for language teachers, and most importantly moves toward limiting real estate as wealth storage.
because of the fallout from 1 child per family policy in the 80's there are fewer women than men in non urban areas. as a way of enticing a bride, the men's families started acquiring 2nd or 3rd homes as a way of making sons look more attractive. housing became the primary means of wealth storage in a country where the citizens dont trust the govt to not change the laws and devalue their savings. and surprise surprise that exactly happened.
citizens with their new found wealth were finding ways to get money out of china, so much so that china hired western retired law enforcement to hunt down chinese nationals that were violating the law limiting them from taking/spending more than $50000 worth of yuan out of the country.(you can buy goods to bring back to china but you cant buy/own anything outside of china (asset or property or anything that will earn money or increase in value .)
Crypto was the perfect way to get money out of china without govt interference. while the US has rules on money transfers larger than $10000(ie to prevent stuff like drug money making its way back to the cartels and other criminal operations), the laws dont prevent you from spending it on legal investments. china's laws do.
a bunch of western nations have fast track citizenship if you bring 1million dollars (or some number around there) with you. so china is basically clamping down to prevent the super rich from leaving the country with their money.
if the crypto news sites are to be believed the downturn was a result of miners moving operations out of china following the crackdown on exchanges, citing the sudden recovery of total hashrate two months later as proof.
while crypto is an easy scapegoat for the gpu/chip shortage, the covid shutdown and supply line disruption affecting all components, chemicals and trade in general is the real cause.
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