China Intensifies Clampdown on Cryptocurrency, Specifically Targets Tether
China's Legal Stance Hardens Against Crypto
In a significant development, Chinese authorities have escalated their crackdown on cryptocurrency usage, focusing particularly on Tether (USDT) in foreign exchange transactions. This move deepens the existing prohibitions set over two years ago, which encompassed a comprehensive ban on cryptocurrencies.
Joint Warning Issued by SPP and SAFE
On December 27th, a joint warning was issued by the Supreme People’s Procuratorate (SPP) and the State Administration of Foreign Exchange (SAFE). This statement cautions the public against the use of USDT as a means to trade the Chinese yuan against other fiat currencies. It explicitly labels the use of Tether for exchanging local and foreign currencies as illegal.
Enforcement of Stricter Measures
The authorities have called for local enforcement agencies to implement more stringent measures. These are directed against the use of the Tether stablecoin in cross-border foreign exchange transactions. Additionally, all cryptocurrency exchange activities involving the yuan, even indirect involvement such as providing technical support or exchange services, are deemed illegal.
Recent Legal Actions Highlight the Crackdown
The intensification of these efforts is highlighted by the recent case of Zhao Dong, founder of RenrenBit. Zhao was sentenced to seven years in prison and fined 2.3 million yuan ($322,000) for his involvement in Tether transactions. Another individual was sentenced to nine months for purchasing Tether worth 94,988 Chinese yuan ($13,067).
Cryptocurrency's Persistence Despite the Ban
Despite the sweeping 2021 ban on cryptocurrency activities, including trading and mining, cryptocurrencies like Tether have maintained a degree of popularity in China. In 2022, Beijing’s Chaoyang District People’s Court ruled against using stablecoins like USDT for salary payments. Nevertheless, as of October 2022, China continues to be a significant player in the global crypto market, even ranking as the second-largest Bitcoin mining hub.
Despite these rigorous enforcement measures, the resilience of the cryptocurrency market in China highlights a complex, ongoing challenge for the nation's regulatory authorities. The persistent use of digital currencies like Tether, even under stringent legal scrutiny, underscores the intricate dynamics between regulatory efforts and the evolving landscape of digital finance.
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- Jun 17, 2024 8:12 pmTether CEO: aUSDT stabilization mechanism is different from USDT and requires collateralization of Tether Gold to createTether CEO Paolo Ardoino said that Alloy by Tether launched today is an open platform that allows the creation of different Tether series assets with a broader support mechanism. aUSDT is a digital asset backed by gold and pegged to a reference fiat currency. Its stability mechanism is different from that of USDT. It needs to be created using Tether Gold (XAUT) as collateral. It is mainly aimed at users who want to use a currency as familiar as the US dollar for digital transactions, payments and remittances without having to sell Tether Gold.
- Jun 15, 2024 7:35 pmA criminal gang was arrested for using digital RMB to launder more than 200,000 yuan in ZhejiangRecently, the Yuecheng District Procuratorate of Shaoxing City handled a case of using digital RMB accounts to cash out and conceal criminal proceeds. In just four days, the criminal suspect Yuan and others cashed out more than 200,000 yuan in Shaoxing. Yuan wooed merchants with digital RMB accounts through shopping and chatting. After the merchants agreed to cash out, he first converted a certain amount of his own money into virtual currency as a deposit and transferred it to the upstream company, and then sent the digital RMB payment code to the upstream company. After the upstream company's fraudulent funds entered the merchant's digital RMB account, the merchant deducted a handling fee ranging from 1% to 1.5%, and then took out the corresponding amount of cash. Because there are not many stores that support digital RMB payments, multiple operations are easy to be discovered. In order to avoid investigation and crackdown by public security organs, Yuan and others usually use overseas niche chat tools to contact their upstream companies. Since early September, they have been wandering around Shaoxing, Jinhua, Hangzhou, Jiaxing and other places. After successfully cashing out, they drove a motor vehicle to a new crime scene and turned the money obtained from the upstream fraud from "black" to "white". Finally, the Yuecheng District Procuratorate brought public prosecution, and the court sentenced Yuan, Zhang, and Kou to fixed-term imprisonment ranging from one year and four months to seven months and imposed fines for the crime of concealing and hiding the proceeds of crime.
- Jun 15, 2024 5:44 pmCriminal Gang Illegally Cashes Out Over 200,000 Yuan Using Digital Yuan AccountsAccording to Foresight News, a criminal gang in Shaoxing City, Zhejiang Province, has been recently reported to have illegally cashed out over 200,000 yuan in just four days using digital yuan accounts. The gang members persuaded merchants with digital yuan accounts to cash out through casual conversations and shopping. After the merchants agreed to cash out, the criminals converted a certain amount of their money into virtual currency as a deposit to the upper-level members. They then sent the digital yuan collection code to the upper-level members. Once the fraudulent funds entered the merchant's digital yuan account, the merchant deducted a service fee ranging from 1% to 1.5%, and the criminals cashed out the corresponding amount of cash. The Yuecheng District Procuratorate prosecuted the case, and the court sentenced the criminals, identified as Yuan, Zhang, and Kou, to fixed-term imprisonment ranging from 14 months to 7 months for concealing and disguising criminal proceeds. They were also fined. The prosecutor reminded the general public to enhance their understanding of the digital yuan and pay attention to protecting their personal information. In case of suspicious circumstances, they should report to the police promptly to protect their property safety.
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- Feb 01, 2024 11:54 pm테더, 글로벌 교육 이니셔티브 '테더 에듀' 출시달러 연동 스테이블코인 테더(USDT)가 디지털 기술 개발 중심 글로벌 교육 이니셔티브 '테더 에듀(Tether Edu)'를 출시한다고 밝혔다. 테더의 교육 부서인 테더 에듀는 회사가 지원하는 다양한 글로벌 교육 프로그램을 운영한다. 프로그램은 블록체인, 디자인, 인공지능, 코딩 등 분야로 구성되며 아프리카, 라틴 아메리카, 중동, 유럽과 아시아 신흥국을 대상으로 운영된다.
- Sep 28, 2023 2:57 pmHangzhou will issue 10 million yuan in digital RMB catering special consumption couponsOdaily Planet Daily News From 10:00 on September 29 to 22:00 on October 8, Hangzhou will issue special consumption coupons for digital RMB catering in Hangzhou for the 2023 "Asia Games Leading Consumption in Hangzhou" - "Asian Food Season", with a total amount of is 10 million yuan. (Published in Hangzhou)
- Jul 20, 2023 1:47 pmYi Gang: As of the end of June, the transaction volume of digital renminbi was 1.8 trillion yuan, and the circulation was about 16.5 billion yuanYi Gang, governor of the People's Bank of China, told the 2023 MAS lecture in Singapore that the transaction volume of the digital renminbi was 1.8 trillion yuan by the end of June, and about 120 million wallets had been transferred since the digital renminbi was first launched in January 2022. Approximately 950 million transactions with an average transaction value of approximately $260. In addition, as of the end of June, there were about 16.5 billion digital yuan in circulation, accounting for only 0.16% of China's money supply.
- Feb 05, 2023 9:07 pmDigital renminbi Spring Festival consumption promotion activities total more than 180 million yuanAccording to The Paper, during the Spring Festival this year, local governments and commercial organizations in the pilot areas launched a number of digital renminbi consumption promotion activities to activate the consumer market and boost consumer demand. In the pilot cities of Guangdong, Zhejiang, Jiangsu, Shandong and other places, many local governments have issued digital RMB consumption vouchers to the public to stimulate residents' consumption. For example, Shenzhen, Guangdong launched a 100 million subsidy activity for the catering industry, Jinhua, Zhejiang launched the "Living in Dongyang for New Year's Heartwarming Red Envelope" activity, Lianyungang, Jiangsu launched the "New Year Huimin Consumption Voucher" promotion activity, and Jinan, Shandong launched the "Spring City Shopping" Spring Festival Coupon activities. According to incomplete statistics, the total amount of the aforementioned activities exceeded 180 million yuan.
- Feb 01, 2023 7:19 pmTether CTO: Tether never borrowed from CelsiusTether Chief Technology Officer Paolo Ardoino responded to the Celsius bankruptcy examiner's report mentioning that Tether was one of Celsius's borrowers, saying that Tether never borrowed from Celsius, and the investigators mistakenly wrote "borrowing from Celsius" as "from Celsius". Celsius Borrowing". In addition, the investigative report also revealed that Celsius borrowed USD 1.823 billion in USDT from Tether and used assets worth USD 2.612 billion under its management as collateral.
- Jan 06, 2023 7:33 pmMeituan and a number of banks launch digital renminbi-related activities for users in digital renminbi pilot areasMeituan, together with Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China, launched the "Reunion Lucky Tou" campaign for users in the digital RMB pilot area, allowing users to get a New Year gift package in the form of a blind box on the Meituan App. The combination of RMB portrait pendants and digital RMB rights and interests will be issued. The event period is from January 4th to February 28th, 2023. The rights and interests of the event include Meituan digital renminbi payment coupons or payment coupon packages or consumption red envelopes worth 0.66-888 yuan, 1 yuan purchase coupon package for the new year, Bank of China Year of the Rabbit limited digital renminbi hard wallet gift box. The content of the gift package that can be drawn in each lottery includes the avatar pendant and one of the above benefits.
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