Why did China ban crypto?

Could you possibly shed some light on the reasoning behind China's ban on cryptocurrency? I've been hearing a lot of speculation, but no clear, concise explanation as to why such a decision was made. Given China's significant economic influence, this ban seems to have caused quite a stir in the crypto world. Could you possibly elaborate on the reasons behind this ban? I'm particularly interested in understanding the economic, technological, and regulatory considerations that might have influenced this decision. Thank you for your time and insight.