The Chinese government has called for a stricter crackdown on the illegal use of cryptocurrencies in foreign exchange trading.
According to the statement made by the State Foreign Exchange Clearing Administration of China, the institutions that regulate foreign exchange markets stricter control of foreign exchange transactions instructions were given.
Officials also between yuan and other currencies stablecoin in exchange transactions Tether (USDT) noted its use.
State Foreign Exchange Clearing Administration, “To punish fraudulent foreign exchange purchases, illegal foreign exchange transactions and other illegal foreign exchange-related activities in accordance with the law, to effectively handle each case to prevent financial risks and ensure national financial security.” will increase cooperation with other institutions.
Authorities in China recently busted $2.2 billion “underground banking” He discovered that cryptocurrency was being used in his network.