Topic: China ban people from using usdt - page 3. (Read 550 times)
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.
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. i'm guessing they are also about to release Yuan stablecoin for their Hongkong traders.
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.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
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.
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.
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
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.
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. 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
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.
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. 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
-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. 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.
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.
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.
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.
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.
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.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
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.
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.
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.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
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.
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. 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
Are they targeting USDT as a stablecoin and hence the ban on all stablecoins or is it related to USDT? China will not be tolerant of cryptocurrencies, especially with the absence of its influence in the field of mining and its attempt to create a central digital currency. All of this will make China far from any decentralized solutions and would prefer to push people to use the yuan and its central currency.
Surprised? Not for me.
After all, they already tried to ban ICOs way back in 2017 when its hype was at its peak.
This is what happens when you are governed by a Communist party where they can just do everything that they want to do. They don't want somebody to overtake their currency Yuan, and I've heard reports of them creating a Digital Yuan, they see Tether or the whole cryptocurrency as a competitor, so I will not be surprised if they ban the use of cryptocurrency in the whole country. Wait did they ban it already? Please clarify.
More of this type of news coming from China in the future.
After all, they already tried to ban ICOs way back in 2017 when its hype was at its peak.
This is what happens when you are governed by a Communist party where they can just do everything that they want to do. They don't want somebody to overtake their currency Yuan, and I've heard reports of them creating a Digital Yuan, they see Tether or the whole cryptocurrency as a competitor, so I will not be surprised if they ban the use of cryptocurrency in the whole country. Wait did they ban it already? Please clarify.
More of this type of news coming from China in the future.
this kind of action is truly expected of a china, they seemed trying so hard to keep their citizen using their own currency i'd be surprised if its other country since we all know USD is always considered to be significantly valuable than most of the currency out there so majority of country just gonna accept it anyway but china with current economic turmoil and even the effort of the western to sanction china from owning any means of advanced semiconductor so I guess they gonna went aggresive on anything that could potentially disturb the well being of their own currency.
moreover they've been pulling this kind of thing from long ago anyway, banning bitcoin and all, so there's definitely no surprise but I wonder if they are already preparing their own digital version of yuan or is it already out.
because if it is already out then this decision make even more sense to me.
moreover they've been pulling this kind of thing from long ago anyway, banning bitcoin and all, so there's definitely no surprise but I wonder if they are already preparing their own digital version of yuan or is it already out.
because if it is already out then this decision make even more sense to me.
China warns that using tether (usdt) as an intermediary in foreign exchange transaction is a violation of the law...
The fact that the Chinese government opposes USDT causes no surprise, as they are trying to eliminate competition the digital yuan. But why does the ban only apply to USDT, while there are still many different stablecoins that perform similar functions?
It's obvious why China have taken this stance. They want to eliminate competition for the Digital Yuan and take all trade that is being done with USDT.
This is a good example of de-globalization. How long did people think if would last before countries start to isolate themselves from each other and each others trade again? Didn't take a whole lot of time...
Economic warfare has only just started, this piece of news continues to validate it, and it will be a curious thing to see what new ideas countries have to attack each other economically.
They've never actually banned all aspects of Bitcoin, always aspects of bitcoin like mining and exchanges operated in certain regions. The media has portrayed full scale bans but if you look closely, it's not entirely banned.
This is a good example of de-globalization. How long did people think if would last before countries start to isolate themselves from each other and each others trade again? Didn't take a whole lot of time...
Economic warfare has only just started, this piece of news continues to validate it, and it will be a curious thing to see what new ideas countries have to attack each other economically.
Before Bitcoin, now USDT 
I thought Cryptocurrency was already banned in China?
Why now they are talking about USDT where they already banned all cryptocurrencies?
It seems everyone now already doesn't give a sh!t anymore in China, whatever some decision in China, market don't react anymore because for sure people already immune and know that it will not affect anything, no panic anymore.
I thought Cryptocurrency was already banned in China?
Why now they are talking about USDT where they already banned all cryptocurrencies?
It seems everyone now already doesn't give a sh!t anymore in China, whatever some decision in China, market don't react anymore because for sure people already immune and know that it will not affect anything, no panic anymore.
They've never actually banned all aspects of Bitcoin, always aspects of bitcoin like mining and exchanges operated in certain regions. The media has portrayed full scale bans but if you look closely, it's not entirely banned.
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