Tether’s Booming Popularity in China Sparks a New Wave of Crypto Crackdowns
Much of this money has originated from China, and the country now appears to be starting a new wave of crypto crackdowns due to the increasing popularity of USDT. China Drives Massive Demand for Crypto Stablecoin Tether (USDT)
The US Dollar is widely thought to be the most secure currency to hold during times of global economic turbulence.
This has led many individuals in countries like China to turn to crypto-based solutions to hedge their portfolio, using stablecoins such as Tether (USDT). While referencing a report, she said:
“The crackdown on OTC in China since last month is by the far the most strict and widely affected one, is caused by USDT is widely used for money laundering… the action is led by the PBOC, ministry of public security, central administration of customs, CBIRC, union pay…”
She further went on to explain that many users of popular crypto OTC desks in the country have had their bank cards frozen for buying and selling USDT, while some brokers have been arrested.
