HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinChina's Request for Crackdown on Tether Stablecoin due to Illegal Forex Trading

China’s Request for Crackdown on Tether Stablecoin due to Illegal Forex Trading

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. This announcement comes as a significant development in China’s stance on cryptocurrency regulation. Tether, a popular stablecoin, has been gaining traction in the global market due to its supposed stability and pegging to the US dollar. However, China’s regulatory authorities have expressed concerns over the potential risks associated with the use of cryptocurrencies, including money laundering and illicit activities. As a result, the Supreme People’s Procuratorate has emphasized that any transactions involving Tether or similar digital currencies are prohibited under Chinese law.

Read more

PHP Code Snippets Powered By : XYZScripts.com