China initiates crackdown on use of stablecoins in illegal forex trading
Chinese authorities have intensified efforts to regulate the use of cryptocurrencies in illegal foreign exchange (forex) trading, South China Morning Post reported. The crackdown specifically targets the misuse of stablecoins like Tether (USDT) in unlawful transactions. The Supreme People’s Procuratorate and the State Administration of Foreign Exchange (SAFE) issued a joint statement on Dec. 28,...