China crypto news of the week (July 5 to July 11 ) : China targets USDT

On July 8th, the deputy governor of the central Bank of China stated that Bitcoin and stablecoins have become speculative tools with potential risks that threaten financial security and social stability, also become payment tools for money laundering and illegal economic activities.

He emphasized stablecoins, saying that especially the global "stable coins", may bring risks and challenges to the international monetary system, payment and settlement system, etc. We feel about this problem Worried, so we took some measures.

It is the first time Chinese government responded to the reasons for the recent crackdown on Bitcoin, and first time explain its concerns about stablecoins. And USDT is mainly used by Chinese.

G20 also said: Looking forward to discussing central bank digital currency related issues, and emphasizing that global stablecoins need to comply with relevant legal and regulatory requirements.

Before this, CNHC, an offshore RMB (CNY) stablecoin, announced an cooperation with Conflux, China's most famous public chain. It hopes to become the first stablecoin that anchors the RMB and is widely used, but the Chinese government's attitude toward this is still unclear.

Other News

Meitu, the first listed company in China to purchase crypto, stating that its investment in BTC had lost $1.73 million, and its investment in Eth had made a profit of $1.47 million. It will not buy and sell crypto for the time being, and is still optimistic about long-term value.

On China's largest second-hand trading platform, private hydropower stations are being sold in large numbers, due to the Chinese government's crackdown on mining. Their main income comes from electricity bills paid by Bitcoin mining.

The Beijing Civil Affairs Bureau recently banned an organization called China Blockchain Application Research Center. The founder is OKEx founder Star Xu, and its members include Huobi founder Lilin, Bibox founder and many giant whales of Chinese cryptocurrency.

Bybit, finally started to implement a strict KYC policy. As an imitator of BitMEX, its rise is because BitMEX‘s crackdown by America, and Bybit basically does not need KYC. But now Bybit has also been hit by various countries one after another.

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