Restrictions

Chinese authorities have called for a tougher crackdown on the use of cryptocurrencies as a tool for illegal foreign exchange trading in the latest effort to fend off financial risks. Prosecutors and forex regulators were told to strengthen supervision over foreign exchange, and cases where the Tether stablecoin was used as an intermediary to trade yuan with other currencies were highlighted, the Supreme People’s Procuratorate and State Administration of Foreign Exchange said in a statement on Wednesday.Tether – which is also known as USDT – is pegged to the US dollar, making the virtual currency less volatile than others.The SPP and SAFE said their local branches should improve coordination to “punish fraudulent foreign exchange purchases, illegal foreign exchange transactions and other foreign exchange-related illegal and criminal activities lawfully and handle every case efficiently to effectively prevent and resolve financial risks and maintain national financial security”.Read more here https://sc.mp/8fxl?utm_source=copy-link&utm_campaign=3246538&utm_medium=share_widget #Tether_stablecoin #cryptolegislation_in_modern_China #restrictions #¥