Only deposits via banks or payment processors are blocked. Withdrawals via banks are still working, and the exchanges have found alternative not-so-convenient deposit channels. But further restrictions are still possible.
Which means they can still ban it... Again... On the other hand, if they wanted to shut it down, wouldn't they have done it by now? It's been over six months!
*shakes head*
I don't think the Chinese government wants to shut it down necessarily. There is a sizable bitcoin mining industry that depends on it and generates export revenue, and also many investors, big and small, who would lose money and get mad if they did. They just want to make sure that it is not used as a currency in commerce (which they mostly did already) nor a payment medium for illegal trade, bribery, and foreign subversion (which they still seem to be worried about) or as a way for a few smart people to suck money from unwary investors and traders (which they may worry about once enough victims start complaining).
As time passes, bitcoin will become unstoppable. Only a major 51% attack could
block it slow it down.
ftfy
I agree with your modification.