China calls for crackdown on Tether stablecoin in illegal forex trading
China’s Supreme People’s Procuratorate has warned that using Tether as a medium of exchange between local and foreign currency is illegal.
Chinese authorities are moving to crack down on the use of cryptocurrencies like Tether (USDT) in foreign exchange trading more than two years after enforcing a major crypto ban.
China’s Supreme People’s Procuratorate (SPP), the highest national agency responsible for legal prosecution in mainland China, has warned the public against using USDT as an intermediary to trade yuan with other fiat currencies.
The agency issued a joint statement with the State Administration of Foreign Exchange (SAFE) on Dec. 27, urging local officials to implement stricter measures against Tether stablecoin use in cross-border foreign exchange transactions.
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