I have mixed feelings about this. It was only a matter of time and I'm not surprised. Paradoxically, it will slow down Bitcoin adoption in the areas of the world that need it most.

In Africa, Crypto is completely unregulated and very bad actors are taking advantage of the situation to lure poor people into a new form of gambling addiction.

Exchanges like binance, to remain financially viable, and also because of greed, are pushing shitcoins into people. It's really bad and it won't end well, one way or the other. You have to be a retard to still think that NFTs, “DeFi”, Metaverse, smart contacts etc are going to lift a whole continent out of poverty.

Crypto is the perpetuation of the fiat world, and bitcoin's worst enemy. Paradoxically, bitcoin enabled crypto.

On the other hand, they understand that CBDCs (they are coming!) would have no chance in an environment where Bitcoin is allowed to thrive, so they take advantage of the current mess with crypto to ban everything and make it easier for CBDCs' adoption.