Why China blocked crypto?

I'm curious, why has China chosen to block cryptocurrency? I understand that crypto has been a rapidly growing trend globally, with many seeing it as a potential revolution in finance. Given China's position as a leading economic power, I'm surprised to see them take such a stance. Could it be due to concerns over financial stability or the potential for misuse? Or is there a deeper political or social motive behind this decision? I'm interested in understanding the reasoning behind this move and its potential implications for the global crypto industry.