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 as a digital medium of exchange. However, this recent statement from the Chinese authority highlights that such activities are not permitted under the country’s regulations. It is important for individuals and businesses operating in China to be aware of this warning and ensure compliance with the legal framework surrounding digital currencies and their use in financial transactions.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinChina's Request for Action against Tether Stablecoin due to Illegal Forex Trading