Browsing: Tether

China’s authorities are intensifying their crackdown on the use of cryptocurrencies like Tether (USDT) in foreign exchange transactions, marking a significant escalation in regulatory measures more than two years after the country imposed a sweeping ban on crypto activities. The Supreme People’s Procuratorate (SPP), China’s top legal prosecution agency, in collaboration with the State Administration of Foreign Exchange (SAFE), issued a stern warning against the utilization of USDT as an intermediary for trading the Chinese yuan against other fiat currencies. This move underscores Beijing’s growing concern over the use of stablecoins in circumventing capital controls and potentially destabilizing the country’s…

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