Why did China ban cryptocurrency trading in 2017?

Why did China decide to ban cryptocurrency trading in 2017? It's a question that has puzzled many investors and crypto enthusiasts worldwide. The Chinese government cited concerns over financial stability, market volatility, and the potential for fraud and illicit activities as the main reasons behind the ban. Additionally, they were concerned about the lack of regulatory oversight and the potential for capital outflows from the country's economy. While the ban has had significant implications for the global cryptocurrency market, it also highlights the challenges of regulating a rapidly evolving digital asset class.