While people were waiting for China to ease up on cryptocurrencies, yesterday the Supreme Court and the central bank issued decisions that shattered all expectations.
The issue is no longer just a ban; it has turned into a real criminalization with very strict laws.
❌ First.. Any use of cryptocurrencies to transfer money abroad or exchange Chinese currency is officially considered a money laundering crime punishable by law with imprisonment and heavy fines.
❌ Second.. New technologies such as asset tokenization RWA or stablecoins that represent the dollar, the most famous example being USDT, are completely banned from use, and even foreign platforms that try to serve Chinese clients remotely are considered to be engaging in criminal activity.
In short, China has closed the door and thrown away the keys; the clear goal is to leave the field open for their official digital currency, the digital yuan, which they are working on and trying to promote more and more.
Let's see how the market will react to this news; one thing you can appreciate about China is that they always find a solution in advance, and when there is a ban or restriction, they have already prepared a suitable alternative for themselves and their people.
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