Is it just printed pieces of paper? or is the 'value' of the paper based on trust?
Simply speaking 'money' is just a means to transfer value from one place or person to another.
Since "value" can be transferred via crypto, assuming enough people think it has value maybe China's view of crypto is incorrect?
Time will tell
https://www.newsbtc.com/2018/11/12/pboc-cryptocurrencies-will-not-replace-or-disrupt-fiat-systems/