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China calls for crackdown on Tether stablecoin in illegal forex trading

December 29, 2023


Chinese authorities are moving to crack down on the use of cryptocurrencies like Tether 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 Chinese yuan with other fiat currencies.

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