China's measures, both in issuing bonds using blockchain and in its restrictive stance towards cryptocurrencies, have several effects on the cryptocurrency market.

Market volatility: China's policies can cause significant fluctuations in cryptocurrency prices. For example, disappointment with recent fiscal stimulus has led to a drop in the price of Bitcoin $BTC and other cryptocurrencies.

Mining decline: China's ban on cryptocurrency mining has forced many miners to relocate to other countries, affecting the global hashrate and distribution of mining

Capital flight: China's restrictions on cryptocurrencies seek to prevent capital flight. However, many Chinese investors continue to use cryptocurrencies to move money out of the country, affecting market liquidity and stability.

Blockchain innovation and adoption: Despite restrictions, China continues to adopt blockchain technology to issue bonds and other financial instruments, which can boost confidence in the technology and its global adoption

Impact on global perception: China's decisions influence the global perception of cryptocurrencies. Restrictive measures can create uncertainty and affect investor confidence in the cryptocurrency market.