China’s Supreme People’s Procuratorate has issued a warning stating that the use of Tether as a means of exchanging local and foreign currency is considered illegal. Tether, a popular stablecoin in the cryptocurrency market, has been used by individuals and businesses for its perceived stability and ease of use. However, the Chinese government has raised concerns about the potential risks associated with this digital currency, citing issues such as money laundering and illegal cross-border transactions. As a result, the use of Tether for currency exchange purposes within China is now prohibited, according to the Supreme People’s Procuratorate.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinChina's Demand for Action against Tether Stablecoin due to Illegal Forex Trading