Why is Bitcoin illegal in China?

I'm quite puzzled why Bitcoin is considered illegal in China. Could you please explain the reasons behind this decision? I understand that cryptocurrencies can be used for illegal activities, but that doesn't mean all cryptocurrencies should be banned. In fact, many countries are exploring the potential of Bitcoin and other cryptocurrencies to revolutionize the financial industry. Could you elaborate on the specific reasons why China has chosen to ban Bitcoin? And what are the possible consequences of this decision?