China ban people from using usdt | Bitcointalksearch.org

Makus

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Quote from: Zigabel on January 10, 2024, 06:47:15 AM

China is basically trying to preserve value for their currency and that's why they want to fight dollar related transactions both in Fiat and in cryptocurrency, I think another thing could be the fight for regulations, they may want to be able to regulate the crypto space around and that could be the reason they keep putting out all these regulations to see if they can actually gain control and keep their space regulated and under their possible control but then I doubt how successful they can be with that.

These are my insights as to possible reason why all these restrictions has been placed in china, I may not be accurate enough probably there maybe other reasons but then this is just my taughts.

There is something don't do, and that is to underestimate china. China have in time passed broken enough records and they are yet to do more. They can even try disengaging them selves from the rest of the world and they'll do just fine, l respect them for doing what they say, and I believe they have kept good reputation on that. However your opinion is legit and it might be the reason for the banning of usdt.

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China is basically trying to preserve value for their currency and that's why they want to fight dollar related transactions both in Fiat and in cryptocurrency, I think another thing could be the fight for regulations, they may want to be able to regulate the crypto space around and that could be the reason they keep putting out all these regulations to see if they can actually gain control and keep their space regulated and under their possible control but then I doubt how successful they can be with that.

These are my insights as to possible reason why all these restrictions has been placed in china, I may not be accurate enough probably there maybe other reasons but then this is just my taughts.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

I read this news sometime last week and I was surprised since China was known to have banned cryptocurrency and also frowns so much on it (at least that is what we know from the media and the body language of the country's government). But with the news, I was surprised if the enforcement of the same is light since that could only encourage the use of the USDT for payments and settlements. If the Chinese could be using the USDT, I am certain that they would be engaging in other cryptocurrencies as well.

Although we all know that many would engage in it no matter the ban and the obstacles by the government but to have been so obvious for the government to warn means that it is what is happening almost openly. I believe the government is now being pained maybe because the normal USD remittance is being replaced by the USDT. Thanks to the P2P initiative, it will be easy for the people of China to perpetrate it outside the radar of the government. But I don't think this can be good for the China's economy, no wonder the government is shouting again.

leonair

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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

China is a country where they want to make everything themselves rather than being subservient to others. And this is why they are not crypto Friday. Because they can't control crypto. China used to support Bitcoin at the beginning of its development but now they don't support crypto. So they sometimes ban anything crypto. So this is nothing new for them. But since china is a big country the news of their ban may have some impact on USDT though it is a stable coin so the impact will not be seen much here.

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Quote from: Makus on January 09, 2024, 09:45:12 PM

Honestly speaking, I am disappointed on how these government would go extra miles to just lay false accusations and try to paint what white a black, and still deny their citizens from this too notch project. No matter how they try to make up by creating another project for them selves or try to make up for their citizens, it can never be like Bitcoin. The only thing that gets me excited is how my countries government which laid a ban on crypto just removed the ban last month. Honestly I was surprised, but it seems they are now beginning to see it important. Maybe other governments will one day come to realize that they were fighting the wrong project.

You are right and I can understand why you are upset about governments making false decisions and not letting people use projects like Bitcoin. It is not good to see authorities trying to change the truth and show a different story. It is good that your country government finally lifted the ban on cryptocurrencies but it is sad that it took them so long to see how important this technology is. But in my country we are still facing this problem. I hope our and other governments will also realize that they were wrong and will make a good decision regarding crypto currencies.

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Quote from: wxa7115 on January 09, 2024, 09:23:55 PM

The Chinese government is just doing what any other government wish they could do, it is just that they can do so with impunity as there is no one that can oppose them, but on the rest of the countries around the world, governments cannot openly ban cryptocurrencies as they will need an excuse to do it.

This is why the smear campaign against bitcoin and this market never ends, as they hope to convince enough people that bitcoin enables criminals so they can take action, but so far their attempts to do this have failed and they cannot do anything else but to try to regulate this market instead.

Honestly speaking, I am disappointed on how these government would go extra miles to just lay false accusations and try to paint what white a black, and still deny their citizens from this too notch project. No matter how they try to make up by creating another project for them selves or try to make up for their citizens, it can never be like Bitcoin. The only thing that gets me excited is how my countries government which laid a ban on crypto just removed the ban last month. Honestly I was surprised, but it seems they are now beginning to see it important. Maybe other governments will one day come to realize that they were fighting the wrong project.

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Quote from: Makus on January 06, 2024, 10:58:41 PM

It's very obvious they don't want anything doing anymore with cryptocurrency. With these decisions China has taken, I don't think they'll be turning their back to make changes anytime sooner. Unlike some other countries that had crypto restriction but later came to remove it because, they found it very useful, now they can see the beauty of crypto. But china being strict with many things, might even be the end of crypto in their country. However they are just denying their citizens from one of the greatest project mad by man, it's possible they can build theirs. But having their citizen behind bar for 7 years for just buying crypto, is too much.

The Chinese government is just doing what any other government wish they could do, it is just that they can do so with impunity as there is no one that can oppose them, but on the rest of the countries around the world, governments cannot openly ban cryptocurrencies as they will need an excuse to do it.

This is why the smear campaign against bitcoin and this market never ends, as they hope to convince enough people that bitcoin enables criminals so they can take action, but so far their attempts to do this have failed and they cannot do anything else but to try to regulate this market instead.

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Quote from: fapar on January 07, 2024, 11:34:15 AM

Quote from: o48o on January 06, 2024, 04:50:10 PM

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

Ok, maybe I was too moralistic about “corruption and capital outflow”. Let me put it simply, we are talking about total control of the finances of citizens (of any country). Native tokens, consensuses, decentralization and other global principles of blockchain in this aspect, IMHO, are not correct to indicate. In the context of the thread, we are talking about USDT - a cryptocurrency pegged with an exchange rate to USD, the issuer of which is Tether. The National Bank and the Chinese authorities cannot regulate it, except to prohibit cross-border payments and, in general, its turnover in China, equating them to transactions with foreign currency. Therefore, comrade worker, keep the digital yuan and the catwife.

China might not be able to regulate it in a way they would have authority to block usdt, and national banks don't control usdt because it has nothing to do with them, but they can go with similar way as FATF compliant financial firms around the world, and require the proof of origin of the money when it's changed to yuan. And they can freeze an accounts if source for money is too opaque. Also tether can freeze tokens if they are obligated to by officials.

someone703

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The truth is, the crypto future in China, and everywhere else, is still a blurry mess. No one knows if their approach will crumble like a sandcastle or rise like a Bitcoin phoenix. But instead of throwing insults across the Great Wall, we can try talking things out. Maybe we can find ways to address their concerns without stifling innovation, like building bridges instead of walls.

So, let's chill with the "communist sheeple" talk and keep an open mind. The world of crypto is big enough for everyone, even the control freaks in Beijing. Who knows, maybe one day we'll all be sipping digital mojitos on the blockchain beach, laughing about how heated this whole thing used to get.

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Quote from: o48o on January 06, 2024, 04:50:10 PM

Quote from: fapar on January 06, 2024, 11:20:24 AM

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government.

Ethereum ICO was a long time ago. During that time governments had no idea how to regulate, or even if they needed to regulate crypto. But you shouldn't use rumors as a source anyway.

"I don't have a candle", as they say. Although the first mention of China’s interests in the development of CBDC dates back to 2014, and Etherium’s ICO was in 2016. My statement did not refer to an attempt to spread such a rumor and pass it off at face value, but to the fact that there is another opinion on the issue of “China and cryptocurrencies”.

Quote from: o48o on January 06, 2024, 04:50:10 PM

Quote from: fapar on January 06, 2024, 11:20:24 AM

China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

Ok, maybe I was too moralistic about “corruption and capital outflow”. Let me put it simply, we are talking about total control of the finances of citizens (of any country). Native tokens, consensuses, decentralization and other global principles of blockchain in this aspect, IMHO, are not correct to indicate. In the context of the thread, we are talking about USDT - a cryptocurrency pegged with an exchange rate to USD, the issuer of which is Tether. The National Bank and the Chinese authorities cannot regulate it, except to prohibit cross-border payments and, in general, its turnover in China, equating them to transactions with foreign currency. Therefore, comrade worker, keep the digital yuan and the catwife.

Makus

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It's very obvious they don't want anything doing anymore with cryptocurrency. With these decisions China has taken, I don't think they'll be turning their back to make changes anytime sooner. Unlike some other countries that had crypto restriction but later came to remove it because, they found it very useful, now they can see the beauty of crypto. But china being strict with many things, might even be the end of crypto in their country. However they are just denying their citizens from one of the greatest project mad by man, it's possible they can build theirs. But having their citizen behind bar for 7 years for just buying crypto, is too much.

o48o

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Quote from: fapar on January 06, 2024, 11:20:24 AM

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government.

Ethereum ICO was a long time ago. During that time governments had no idea how to regulate, or even if they needed to regulate crypto. But you shouldn't use rumors as a source anyway.

Quote from: fapar on January 06, 2024, 11:20:24 AM

China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

This is a misconseption by people who don't understand how blockchains work in the first place.

Native tokens, or coins as a payment are inseparable part of decentralized blockchain tech. Incentives you get for protecting (mining or staking) the blockchain have to be worth something in order to motivate people to keep the chain secure. Otherwise it would need a whole new mechanism and i for one don't have a clue what kind of system that would be. Instances that claim they are only interested them as innovations, not payment methods either don't know what they are talking about, or want to sell us snake oil version of "cryptocurrencies" that are highly centralized spying network, that is operated by the authorities.

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Quote from: Y3shot on January 06, 2024, 06:44:29 AM

China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

They are not isolating themselves from innovation. They want to control their economy as they want. They will issue their own CBDC which they have been working on for a few years. USDT is a stable coin that can be used in their local businesses, which they can not allow. Also a dollar pegged crypto is not so logical to think that china will allow it in their country. Previously they were vocal about banning bitcoin in their country, but now they are targeting certain altcoin too. This is not only about china but the whole world. Every government is trying to find their best interest in this fast-growing industry.

fapar

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Quote from: Y3shot on January 06, 2024, 06:44:29 AM

China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

But according to rumors, some of the major investors - the wallets participating in the Etherium ICO - are affiliated with the Chinese government. China is not fighting cryptocurrencies as innovations, but as means of payment. In this way they are trying to fight corruption and the outflow of capital abroad. Other governments do the same, but in a slightly different form (SEC, EU Commission).

Y3shot

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China have always not been friendly with cryptocurrency, I'm not surprise about their ban on usdt, what I just know is that their decision is not going to last long. China I trying to isolate themselves from innovation which they believe they can do without cryptocurrency. China feels the decision they are taking against cryptocurrency is the best decision but not., they may be doing better in their economy but the country still need cryptocurrency and their is a need for them to accept crypto.

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Quote from: naira on January 03, 2024, 11:03:23 PM

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 Cheesy

. 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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: kentrolla on January 03, 2024, 11:48:06 AM

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.

Quote

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.

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Quote from: Obim34 on January 06, 2024, 12:55:50 AM

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.

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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.

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Quote from: yazher on January 04, 2024, 09:08:47 AM

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.

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Quote from: odunybiz on January 05, 2024, 12:06:33 AM

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. Cheesy

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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: odunybiz on January 05, 2024, 12:06:33 AM

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.

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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.

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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.

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Quote from: Games.Bitcoin on January 04, 2024, 12:21:46 PM

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.

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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.

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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.

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Quote from: Ben Barubal on January 04, 2024, 10:53:12 AM

Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: yazher on January 04, 2024, 09:08:47 AM

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.

yazher

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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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: serjent05 on January 03, 2024, 02:25:51 PM

Quote from: avikz on January 03, 2024, 12:15:42 PM

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.

radjie

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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

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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

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

Essential10

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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.

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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.

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Quote from: electronicash on January 03, 2024, 02:16:12 PM

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.

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Quote from: wxa7115 on January 03, 2024, 09:39:08 PM

Quote from: 2Pizza410000BTC on January 03, 2024, 09:32:54 PM

Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: kentrolla on January 03, 2024, 11:48:06 AM

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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

Bureau

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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.

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

Quote from: Publictalk792 on January 03, 2024, 11:25:24 PM

-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.

Publictalk792

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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.

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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.

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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.

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Quote from: wxa7115 on January 03, 2024, 09:39:08 PM

Quote from: 2Pizza410000BTC on January 03, 2024, 09:32:54 PM

Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

mk4

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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.

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Quote from: 2Pizza410000BTC on January 03, 2024, 09:32:54 PM

Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

2Pizza410000BTC

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.

Husires

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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.

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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. Cheesy

JeffBrad12

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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.

tvplus006

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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?

BenCodie

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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.

Quote from: GreatArkansas on January 03, 2024, 06:10:34 PM

Before Bitcoin, now USDT Wink

I thought Cryptocurrency was already banned in China? Cheesy

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.

GreatArkansas

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Before Bitcoin, now USDT Wink

I thought Cryptocurrency was already banned in China? Cheesy

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.

batang_bitcoin

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Quote from: iBaba on January 03, 2024, 05:38:00 PM

But don't you guys think China is over doing some of these there regulations and in a way stepping on the toes of its citizens? I feel like there should be that level of freedom to the adoption of some of the technologies we use today.

They are a communist and socialist country and that's why there's not that much freedom for their people to choose. Whatever their government tells you to adopt, that's what must be followed. But with what I see from people there, there's not that much problem at all because they're not actually restricted with their choices, it's just that they need to obey and they can still go and out of their country. But some policies really restraining people's choice.

iBaba

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But don't you guys think China is over doing some of these there regulations and in a way stepping on the toes of its citizens? I feel like there should be that level of freedom to the adoption of some of the technologies we use today.

The entire world has been evolving by the day and the need to connect with the rest of the world has continously been important to others, so I don't think the government should put many restrictions to all these things especially the adoption of Bitcoin and other cryptocurrencies.

Bitcoin technology is an outstanding development to the history of technology across the world. It is therefore imperative for individuals and governments to key into these technologies and try as much as possible to make positive use of them for the benefit of the country's economy and that of the people.

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The density of Chinese society and the business sector there may have something to do with it, which wants the state currency (fiat) to still be used as a whole and rejects the adoption of cryptocurency. It's sad because the government may not want its demand to decrease than the supply of fiat money? because people use usdt? the Chinese state has its own perspective when other countries adopt cryptocurrencies there instead of refusing hard.

If an tiongkok government consider usdt as money laundering it is not the goal and not the function of usdt and stable value as an attraction as an alternative why should you scapegoat cryptocurrencies Huh

. China does have a developed and rapidly developing region but if it is too strict and provides regulations including severe punishment (fines and imprisonment) I feel sad, state but deprived of the right to freedom as a person in the aspect of transactions or investing. Undecided

Mate2237

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Other countries are using not and there is no problem about the coin and they are warning user of cryptocurrency on USDT. Since when the cryptocurrency ecosystem came to an existence, and any country which not favored by the technology would used law to spearhead the warning or ban well from my read and the understanding of the op, China only warned the citizens to steer clear from the USDT and that issue is coming from by not following the due process of USDT developers with the native laws.

Government is always trying one way or the other to stop cryptocurrency but it is too late.

sunsilk

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If that is real and that is because of one thing, it's because they're going to have their own CBDC and they don't want any competition for it to thrive.

They're digital economy there and most people have adopted already and with this ban for using stable coins, it is because that they're cooking something and I think it was already two years since they've planned it or even longer.

Well, the people there can still do whatever they think although the PRC is too strict with their rules and with their sanctions.

jrrsparkles

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I guess the ban is already in place for the whole cryptocurrency and this is about highlighting trading with USDT is also a violation of that law and will be punished if they get caught.

China is been two-faced when it comes to crypto currency and I'll tell you why, Hong Kong is part of China where trading crypto is allowed but not as legal tender and in all other parts of CHina its considered as illegal that shows China can't ban the crypto completely but still want to squeeze the crypto activities and profits from one place not just all over the country so its more easy to trace and everything.

serjent05

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Quote from: avikz on January 03, 2024, 12:15:42 PM

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.

electronicash

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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.

arallmuus

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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.[/uote]

Why am I not surprised to read this. Basically china is going to ban everything that has "US" in its name because they wanna show how superior they are or literally their own currency. Well its actualy not surprising considering that they are already in position to do so, by 25 years from now they might be reigning most of the countries around by transacting in chinese yuan

Quote from: ZAINmalik75 on January 03, 2024, 02:02:12 PM

This act is very sever and it really shocked me. And the funny thing is they used Binance case as an example to create fear among others who are thinking or using cryptocurrency

Its literally one of the biggest exchange around so I dont see how they would put in other exchanges there as an example

ZAINmalik75

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Quote from: Barikui1 on January 03, 2024, 11:34:05 AM

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 looks bad, I read the full news and it says one person was sentenced to jail for 9 months and another was sentenced to 7 years Lips sealed

7 years is a huge time, and in my opinion, this is not good, why would they go against such acts. On the first hand, I thought cryptocurrency is fully banned in China but trading USDT also comes under the category of using cryptocurrency. Maybe that's why the government of China wants to set up an example for others to follow the rules of not participating in crypto-related activities.

Even though many people are doing it for example I saw a video in which Chinese people were minting free BRC-20 tokens, which indicates people are using cryptocurrencies, but I think they have to remain hidden or use anonymous sources for trading.

This act is very sever and it really shocked me. And the funny thing is they used Binance case as an example to create fear among others who are thinking or using cryptocurrency

avikz

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What else you can expect from a strict communist regime? China was never a cryptocurrency friendly country. They were the first country to ban ICO. They had multiple other public circulars regarding the usage of cryptocurrency within the country. So this public warning is not at all a surprise. I won't be surprised if China decides to completely ban cryptocurrency and impose punitive measures against the users. That's the basic nature of an authoritarian government.

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

rat03gopoh

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I don't understand why this is a separate rule. What I know is that the previous ban was a general ban for existing cryptocurrencies, does this indicate the identification of some violators after the total crypto ban from the Chinese themselves?

kentrolla

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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.

Barikui1

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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

Topic: China ban people from using usdt (Read 551 times)