China ban people from using usdt

[ultrloa]

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

They want to control everything in their country and once they see some threat on their financial system or economy they immediately shut it down. I guess their people should follow them since we know how China penalized their citizen if they broke the law and will not follow their government order.

I guess USDT is big treat on their fiat or any other online currency they are planning that's why they try to eliminate this on the scene especially on their country so that they would not worry anything especially on things that they can't control.

But I don't think it can create some effect to crypto since people already get used to see something like that and not surprised for China's action towards certain crypto exist in the market. If they could just be open to any opportunity well maybe they can work well with this since it can give their citizens a chance to earn money online.

[tsaroz]

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

Chinese government is an autocratic one. They want to be technocrat but they don't losing the grip on the population and money laundering is a huge thing in China. Even though there were Chinese miners that led the mining industry, production of hardware for mining crypto as well newer and advanced exchanges and projects originating from China, regular and ever increasing ban on every activities have closed most of the industry and forced most of the projects outside the border. China would never consider personal freedom as anything worth value.

[yazher]

It's really hard for their people to hide from them except those who are living in remote areas and far provinces because China has the most advanced features when tracking their people and the consequences are huge if you get caught. that's why they just need to follow whatever the government tells them not to do because, after all, they don't have any choice unless they are computer expert. I hope our country will remain behind in all of its technologies because you will not only lose your free will but also lose your freedom to take care of your assets and other important things in your life.

[jrrsparkles]

It's really hard for their people to hide from them except those who are living in remote areas and far provinces because China has the most advanced features when tracking their people and the consequences are huge if you get caught. that's why they just need to follow whatever the government tells them not to do because, after all, they don't have any choice unless they are computer expert. I hope our country will remain behind in all of its technologies because you will not only lose your free will but also lose your freedom to take care of your assets and other important things in your life.

Even in remote areas, it is not possible because that deep the government monitors the activities of their people and their first motto is to keep them under control no matter what. ANd as I said this is a misleading title since the ban is already in place in the whole of China except HK for all the crypto currencies.

[Ben Barubal]

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

  We can't do anything about that; it's in the rights of the Chinese government and their authority. Are all cryptocurrencies banned by China in the matter we are talking about? Or only the stablecoins are banned?

  But does China also have other mining farms, like Bitcoin? And I don't believe that China doesn't have cryptocurrency or bitcoin; maybe it's just being reported that they hate Bitcoin or crypto, but when they dump, they pay a huge amount and then hold. You know that the government of every country has the power to do things.

[electronicash]

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

  We can't do anything about that; it's in the rights of the Chinese government and their authority. Are all cryptocurrencies banned by China in the matter we are talking about? Or only the stablecoins are banned?

  But does China also have other mining farms, like Bitcoin? And I don't believe that China doesn't have cryptocurrency or bitcoin; maybe it's just being reported that they hate Bitcoin or crypto, but when they dump, they pay a huge amount and then hold. You know that the government of every country has the power to do things.

they probably have mining farms backed by the government. there were reports there is still hash coming from China despite them widely banning BTC. and there could be remote mining companies from China still mining in the Sichuan mountains.

but this hunt down of usdt users in their country will force its citizens to use the digital yuan they have. but i think it may also affect the USDT volume.

[Games.Bitcoin]

As far as I know there are many crypto exchangers in the China market. But it is not known why China has issued new laws regarding USDT.
Already we know that every country continues to try to stop crypto in one way or another. But now there is no reaction in the market due to China's ban.

[uneng]

Chinese government is trying to protect its own national interests while sacrificing their people's freedom in order to do that. Nothing new, considering the political regime of that country and its constant hostility towards decentralized crypto industry and enthusiasts.

Not that chinese dictators are against cryptocurrency, as they are actually very interested on the technology and were the pioneer country on the development of CBDCs. They are just against decentralization and will try with high effort to mould crypto into a more centralized and regulated industry, while making sure their interests are safe from foreigner threats. The fact Tether is forbidden, already gives us a hint what their objective is. To force their citizens to use chinese CBDC instead.

[JeffBrad12]

As far as I know there are many crypto exchangers in the China market. But it is not known why China has issued new laws regarding USDT.
Already we know that every country continues to try to stop crypto in one way or another. But now there is no reaction in the market due to China's ban.

its stated clearly they want people to just directly use renminbi or yuan, i think thats their purpose becausen owning USDT might indirectly means give more strenght to USD since you know USDT is directly backed up by some USD its no wonder that china is somewhat worried their people gonna use USDT considering how popular it is among the globe.
but I guess it will not be that significant effect towards USDT anyway, if its truly backed up by the USD it will be unshaken by this issue, after all such thing is to be expected to be honest to get banned by china because its foreign made and there are so many chinese people are using USDT because it definitely feels convenient since entire world also using it.

[odunybiz]

I know China are not crypto friendly but I believe they should be more attracted to it as day go by. With this news, they are getting more worse in by the day. Imagine, to sentence someone to 7 years in prison for using cryptocurrency, this is so bad. Although it a law in their country but I think this punishment is too much for this. This sanction will definitely scare some citizen running crypto related stuff secretly.

[el kaka22]

Well, considering it is also now allowed to use USD, it is not weird that USDT would not be allowed as well, I think that is a very normal approach. I am not saying it is normal to ban a currency, in the civilized world the whole nation is allowed to own any foreign currency they want, even Chinese Yuan, I can buy it with click of a button on my phone right now via my banks app. However, China is not a civilized nation and while it might be very powerful when it comes to economy and big companies, a regular person is not living a normal life.

When you want to consider if a nation is good or not, ask yourself this, if you were a dentist, would you rather live in France/Germany/UK/USA or would you rather live in China? What if you were a plumber? A waiter? A professor? All the answers shows not China option, hence I can say that they do have some iron fist dictatorship that doesn't allow it. However, at least it is consistent, no USD also means no USDT, that makes sense in itself.

[Sophokles]

I know China are not crypto friendly but I believe they should be more attracted to it as day go by. With this news, they are getting more worse in by the day. Imagine, to sentence someone to 7 years in prison for using cryptocurrency, this is so bad. Although it a law in their country but I think this punishment is too much for this. This sanction will definitely scare some citizen running crypto related stuff secretly.

They have a big influence on the whole crypto industry as people from that region is actively involved in various projects. If you look at most of the crypto project you will see that there are people from china on the team. Also there are a lot of Chinese millionaires in the crypto industry who are founders of various projects or who invest in various altcoins. They declared bitcoin illegal before and now they are preventing people from using USDT because they want to promote their own CBDC as a stable coin and want to prevent all kinds of stable coins from entering the Chinese market.

[Jating]

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

Well they can do whatever they want, but I don't think that they can stop crypto in general if that's their goal. Or perhaps they really hate USDT or US dollar in general as they wanted their Yuan and Digital Yuan successful.

So there is no surprises here, that's China, we all know how authoritative they are, specially when they turn against Crypto exchange like in 2018 and that is the first big sign that crypto is not welcome to them. And the biggest is the mining industry wherein many Chinese people are making money that the government force them out and so they lose control of the mining industry already.

I'm not sure if they still have the big influence in the market, maybe in 2015-2018, but then show intentions that they are going to be anti-crypto, then it might be that there are capital flight as Chinese rich and wealth are going somewhere else because of their government.

[jrrsparkles]

I know China are not crypto friendly but I believe they should be more attracted to it as day go by. With this news, they are getting more worse in by the day. Imagine, to sentence someone to 7 years in prison for using cryptocurrency, this is so bad. Although it a law in their country but I think this punishment is too much for this. This sanction will definitely scare some citizen running crypto related stuff secretly.

Then consider it as negative publicity and they will take it gladly with no regret at all and remeber its about China we are talking, there is no democracy there.

China pushed the miners out but they knew they couldn't get out the funds from the user's wallet and all they trying to do is stop the adoption further of cryptocurrency in their economy and they are one of the early countries to launch their CBDC and trying to enforce the public to use it even though it is obsolete.

[Belarge]

It's really hard for their people to hide from them except those who are living in remote areas and far provinces because China has the most advanced features when tracking their people and the consequences are huge if you get caught. that's why they just need to follow whatever the government tells them not to do because, after all, they don't have any choice unless they are computer expert. I hope our country will remain behind in all of its technologies because you will not only lose your free will but also lose your freedom to take care of your assets and other important things in your life.

When it comes to technology, let's give regards to China because they're the best and leading, don't compare with  the United States because USA is built with different people around people while China is formed only from their citizens. China banning USDT or putting a levelling a temporal prohibited rules on USDT which is a stablecoin in the market, I don't see how this stablecoin affect them in line of business, crypto have already made a clear path for us that's not strong enough to do physical business. This piece of information can be correct or false, I'll do my own research because the system is currently rank with rumors and I no longer known the news to believe and the one I'll let down.

[Obim34]

The Chinese people are trying as much to be smarter than the system, all their intentions are based on protecting and regulating their affairs by themselves and of a truth i still think they are doing very well. China has place banned not only on the use of Tether (USDT) in forex trading but has done lot more by not making Binance accessible to the Chinese people and down to the extent of shutting down every crypto related affairs in their country leaving only their digital yuan.

[kentrolla]

The Chinese people are trying as much to be smarter than the system, all their intentions are based on protecting and regulating their affairs by themselves and of a truth i still think they are doing very well. China has place banned not only on the use of Tether (USDT) in forex trading but has done lot more by not making Binance accessible to the Chinese people and down to the extent of shutting down every crypto related affairs in their country leaving only their digital yuan.

Yes we are seeing communist at it's best, it don't care about it's people or their growth but they are only bothered about themselves as they had targetted Binance long time ago which led to their exit from their market and also I heard there are government operations mining farma in China as the regime wants to be benefited but people shouldn't get any way to make.extra buck else their forces labor market for manufacturing units may go for a toss.

[Mpamaegbu]

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.

Honestly, I wonder why. That's if we don't include China's needless scare and protection of her local currency, believing cryptos will weaken it if allowed. Ever since that Chinese ban on Bitcoin in 2017, I've not looked at China the same way I did pre-2017. I used to assume that China was for scientific advancement and discovery but her attitude towards the cryptocurrency industry leaves a bad taste in the mouth.

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.

But of course, China should be aware of that. Revenue from tax is leaving that country and China can't recover from that even if it decides to lift the ban on all crypto activities today.

[KingsDen]

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

We really need to understand the problem of the Chinese government. Firstly, we are aware than China has so many restrictions about bitcoin and the cryptocurrency at large which USDT is also affected because it is also a cryptocurrency.
In this new article, is China indirectly fight the United States because a stable coin was pegged to their dollar or it is a crypto related fight only. If the former is the case, it is also possible for the people of China to develop a stable coin that will be pegged to Yuan. The cryptocurrency industry is a free world and anyone and any country can succeed if they want.

[jaberwock]

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.

I wouldn't say forever because we can't predict the future. And in fact I think they unbanned cryptos last time? But USDT is still a crypto so why they will ban it? Oh well, maybe they change their mind quickly . They are not the only country who can act like that anyway.

I think India is one of those that I remember. Not just China but in any country or we can rather say their governments, can also detect any kinds of transactions. They are powerful enough to coordinate with the telecommunications company and other entities that will help them combat the issue. So for our safety, it's better to just avoid dealing with it. Whether we are a user or a company owner.