In the past few days, new policy statements have been released in the country, and I originally thought there was nothing to interpret.
However, seeing certain merchants creating panic and the practice of collecting USDT at ultra-low prices, I still find it unacceptable. From now on, I won’t talk nonsense and will go straight to the conclusion.
1. The main target of this crackdown is stablecoins led by USDT. USDT has been around for many years, and actually over 60% of its circulation is unhealthy, and one could even say it is somewhat related to gray market activities.
In our country, there are foreign exchange controls. After the public learned about USDT, just look at places like Zhuhai, Xiamen, and Fujian, where many people are engaged in cross-border currency exchange businesses. The funds received from USDT may not necessarily come from a Chinese shell company in a specific location on Earth, and of course, the upstream bosses providing them with USDT may not be those who are preparing to liquidate their assets. It can only be said that the recent card-cutting campaign has indeed had little impact on these individuals, as they have long abandoned the traditional card-to-card receiving method.
This has somewhat strayed from the topic; to summarize after all this: it is imperative to take action, and these 'rotten apples' should have been dealt with long ago.
The focus of this crackdown is on those merchants engaging in illegal currency exchange through USDT, so normal trading users, don't inflate your own importance, this really has little to do with you.
