China ban people from using usdt

[2Pizza410000BTC]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

People never pay attention to such taboos in China. Earlier China opened and closed cryptocurrency transactions after first banning ICOs. So in one word it can be said that China always speaks against Cryptocurrency, China is never in favor of Cryptocurrency. However, their banning rules will not hurt cryptocurrency. Due to such restrictions in China, cryptocurrency users from China are migrating to unique countries. I think China started to completely dramatize it by introducing such rules to the public to maybe introduce their own currency. But I think the law to ban their use of USDT will fail.

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[wxa7115]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

People never pay attention to such taboos in China. Earlier China opened and closed cryptocurrency transactions after first banning ICOs. So in one word it can be said that China always speaks against Cryptocurrency, China is never in favor of Cryptocurrency. However, their banning rules will not hurt cryptocurrency. Due to such restrictions in China, cryptocurrency users from China are migrating to unique countries. I think China started to completely dramatize it by introducing such rules to the public to maybe introduce their own currency. But I think the law to ban their use of USDT will fail.

Chinese citizens are not dumb, they can clearly understand that the actions of their government are meant to keep better control of themselves and their money, and once a person understands that truth it is going to be impossible for them to blindly obey those laws.

Those people are either moving out of the country to keep using USDT as much as they want or they will keep it a secret from now on, so a ban like that is probably not going to have much of an effect among the Chinese citizens that are using that coin.

[mk4]

The Chinese Communist Party banning literally anything that could hinder China's growth and hinder the CCP's overall control over their citizens is literally the most unsurprising thing ever lmao. Especially knowing they banned crypto/mining like a bajillion times in the past.

[deathcode]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

People never pay attention to such taboos in China. Earlier China opened and closed cryptocurrency transactions after first banning ICOs. So in one word it can be said that China always speaks against Cryptocurrency, China is never in favor of Cryptocurrency. However, their banning rules will not hurt cryptocurrency. Due to such restrictions in China, cryptocurrency users from China are migrating to unique countries. I think China started to completely dramatize it by introducing such rules to the public to maybe introduce their own currency. But I think the law to ban their use of USDT will fail.

Chinese citizens are not dumb, they can clearly understand that the actions of their government are meant to keep better control of themselves and their money, and once a person understands that truth it is going to be impossible for them to blindly obey those laws.

Those people are either moving out of the country to keep using USDT as much as they want or they will keep it a secret from now on, so a ban like that is probably not going to have much of an effect among the Chinese citizens that are using that coin.

the Chinese government limits all forms of threats to influence their country. including the use of currency and ownership.
Maybe some inexperienced people will have an impact, but those who are brave and experienced can do it secretly.
I don't believe any government can really control what its citizens own in terms of digital assets.

[bluebit25]

This type of information makes me think that we will soon see the appearance of the yuan in the form of stablecoins, intervention from the governments of some countries with crypto is not too strange. But this action is expressing their attitude more clearly than their interest in the crypto field. Many people may see this as a negative move. But for me, I see this as a process of acceptance cypto on the Chinese side, anyway we should not separate centralization and decentralization too much, it needs to have parallelism in related legal corridors without negative opposition between the parties.

[naira]

China clearly upholds that forever. Considering that China can easily detect the transaction activities of its citizens, every internet traffic there is clearly monitored. The use of USDT or other types of crypto will be at risk of fines or penalties and China could even make the companies involved go bankrupt. The Communism system aims to maintain equality or instead it has now become a deadly weapon for its own citizens. Additionally as China looks to expand adoption of the digital Yuan, it is clear that regulations with other payment alternatives will be rejected without negotiation.

[Publictalk792]

In my point of view China warning about using tether USDT in foreign exchange transactions is a good idea( because they are doing for state). It helps keep their financial system stable and legal. Governments have a duty to control and safeguard their economies and this warning from the Supreme People Procuracy and State Administration seems to be doing just that.

China is saying that it is not a good idea to use tether in transactions with foreign currencies like the Renminbi.They want to keep people and businesses safe from doing illegal or unregulated things. They also want to make sure that even if you are not directly involved like providing technical help or exchange services you still follow the rules. This shows that the government wants to close any loopholes or unclear areas.
This is the bad news for the Crypto Market but I think they are doing for the security of people. But if we took a look back so we will see that China is not crypto friendly they are just making this decision to ban crypto or they have something else in mind but they are saying they are doing for security reason which may be wrong and purpose can be anything else.

[adzino]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

Didn't they already ban the usage of crypto currencies from their country and along with mining? Why are they still giving "warnings" to their people about using USDT to transact with foreign currencies? All I can think is that people over there is still using stable coins and other crypto currencies to trade and the government isn't able to do much about it. Moreover, as far as I know, the Chinese government are already testing their CBDC eYuan, so most likely they are feeling threatened that their people will prefer the current stable currency over the digital renminbi.

-snip-
China is saying that it is not a good idea to use tether in transactions with foreign currencies like the Renminbi.They want to keep people and businesses safe from doing illegal or unregulated things. They also want to make sure that even if you are not directly involved like providing technical help or exchange services you still follow the rules. This shows that the government wants to close any loopholes or unclear areas.
This is the bad news for the Crypto Market but I think they are doing for the security of people. But if we took a look back so we will see that China is not crypto friendly they are just making this decision to ban crypto or they have something else in mind but they are saying they are doing for security reason which may be wrong and purpose can be anything else.

They are not doing it to keep their people "safe". They are doing it to make sure they have full control over their people. And no, this isn't a bad news for the crypto market. China has always been against crypto currencies, so any negative news from them won't move the market at all.

[Bureau]

China wants to promote its own fiat and is trying hard to stop other countries from trading in USD. This step might have been taken in that perspective as USDT is pegged to USD. In a way using USDT is basically promoting USD for business. They have stopped Chinese before from trading crypto. Now this move might be related to the ban.
 

[Bushdark]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

This can have a great consequences on the usdt if care is not taken. China had been a state that never support cryptocurrency but in one way or the other, things is slightly changing gradually and we hope things is going to get better. China is a big country which decisions can have a big consequences on the entire crypto market. Whatever might be the reason why China decided to bounce on usdt after attacking Bitcoin could reduce the number of holders and things might get tough with time for the team.

[dderekwalcott]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

This initiative of China can create anxiety and worry among investors. This decision of China can be political or economic. But it is to be seen whether this decision of China affects the technical or exchange services.

[Kelward]

China can never be crypto friendly and has left no stone unturned to stop people from indulging into anything to do with crypto, it will eventually fail like it has failed in the past and now I feel it's nothing new to an communist regime that it wants it's population to stay poor and behave like sheep. It would be loss to China already billionaires and millionaires are leaving Chine for other free nations where they don't have restrictions on anything and everything, this will only add up to the list of miseries it will go through.

It's really sad what cryptocurrency is facing in some parts of the world, governments are being threatened by the freedom and privacy that these digital currencies and other related currencies beings, so for china, to ban or restrict it's citizens from using usdt, doesn't come as a surprise, since they're not a crypto friendly country. I'm just thankful that the majority of countries appreciates the usefulness of usdt in the crypto space, so the adoption will continue despite the glitches from time to time. Even the US government through their security services have access to monitor activities of usdt in the USA, so there's is interference and china's, is ban, we'll see how it plays out with other world power nations.

[2Pizza410000BTC]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

People never pay attention to such taboos in China. Earlier China opened and closed cryptocurrency transactions after first banning ICOs. So in one word it can be said that China always speaks against Cryptocurrency, China is never in favor of Cryptocurrency. However, their banning rules will not hurt cryptocurrency. Due to such restrictions in China, cryptocurrency users from China are migrating to unique countries. I think China started to completely dramatize it by introducing such rules to the public to maybe introduce their own currency. But I think the law to ban their use of USDT will fail.

Chinese citizens are not dumb, they can clearly understand that the actions of their government are meant to keep better control of themselves and their money, and once a person understands that truth it is going to be impossible for them to blindly obey those laws.

Those people are either moving out of the country to keep using USDT as much as they want or they will keep it a secret from now on, so a ban like that is probably not going to have much of an effect among the Chinese citizens that are using that coin.

Cryptocurrency is totally illegal in my country. I have been using cryptocurrency very casually even though cryptocurrency is completely illegal in my country. If the administration finds out that I am using cryptocurrency, I may face a lot of legal trouble. But I am using cryptocurrency under the cover of law and away from administrative hassles which is causing me no problem. So even if the Chinese government declares USDT illegal, there will be no problem for those who use USDT and use cryptocurrencies, they can easily use cryptocurrencies behind the scenes. I don't see such a legal system as a problem if people use it with a bit of awareness.

[cryptoaddictchie]

it looks like the war starts in finance. didn't the regulators try stopping BUSD?  this China's Supreme People's Procuracy (SPP) is now also trying to stop its citizens from using USDT. but at least it's their citizens that they are regulating. not everyone around the world. so anyone outside China can still be using USDT.

i'm guessing they are also about to release Yuan stablecoin for their Hongkong traders.

Well knowing them they will do something like this to patronize their own cryptocurrency. Regardless, I think some Chinese people or whom into crypto will still used that in a sense that they will hide their activity over them. Too bad that they will resort to that evasive just to n get caught of China new Ban on users. Damn Chinese Government really pushing a communist regime on people. Hope they wont succeed if ever they launch something stablecoin in the future.

[GlacierBIT]

China's policy has shown its consistency and originality, all the actions it takes are aimed at the benefit of its state. A currency like the US dollar will not be widely used throughout the country, but this does not mean that it will be completely blocked. Once a law is passed, there is always a way to circumvent the system.

[Essential10]

People feel that their freedom and autonomy are being restricted due to such restrictions. China has taken a strong stance against cryptocurrency and has implemented various regulations to limit its use and transactions within the country. Individuals should be cautious when considering using USDT or other cryptocurrencies due to strict regulations and monitoring in China. Involvement in cryptocurrency transactions in China will result in fines, penalties or even closure of the companies involved. While some Chinese individuals and businesses are still involved in cryptocurrency-related activities, the government's stance on the matter is largely negative.

[zasad@]

China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law.
The supreme people's procuracy(spp) and state administration issued a public warning, emphasizing that the use of tether(usdt) as an intermediary tool in transaction between Renminbi and other foreign currencies are not suitable.
This includes indirect participation, such as technical support or provisions of exchange services.
https://www.binance.com/en/feed/post/2207492174690?ref=102894024&utm_campaign=app_share_link

In my opinion this policy is very easy to explain. Tether is supported by American Treasuries. If you store, use Tether or UCDS, then you are supporting the American economy, even if you don't want to. It’s time for a country like China to make its own stablecoin that will work for its economy.

[btc78]

It is quite ironic that China has banned activities regarding cryptocurrency when it is one of, if not  the largest market among east asia the government is very controlling and seeing as they seem to think or associate crypto with illegal activities it is no surprise that they continue to have strict regulations regarding crypto

I hear that involvement in crypto can result in paying fine and even jail time

[radjie]

Regulations that prohibit USDT use in China are likely to be feared to damage the value of the local currency, some countries also prohibit transactions using Crypto. This is normal for each government, for strong reasons to avoid its citizens so as not to get used to transactions using foreign currencies and leave the local currency that exists

[Sunderland]

Probably the government is seeing an increased use of USDT, hence they are being very specific in their warning.

It is also possible that the Chinese Government is pushing its own CBDC.  They already banned cryptocurrency and yet they probably found out that their citizen is using USDT as an alternative to Bitcoin and probably they felt that the action is wrong since they have their CBDC and their citizen must use it instead of cryptocurrency.  Probably the Chinese government thinks that if they warn and penalize their citizen in using cryptocurrency, their citizen will be forced to use their CBDC.

Yes they have Yuan Digital, E-CNY, Renminbi Digital or whatever they call it (CBDC).
But that is not a decentralized currency and do not operate on the blockchain, well that is not surprising either because we know that the Gov there will always have control of everything.