Mar 08, 2021 (China Knowledge) – China’s push for the digital Renminbi might end the crypto-currency market in the country, and this may induce “panic selling”. Despite China’s ban on converting Renminbi (RMB) to tokens, this practice is continued using Tether, which is a digital coin that pegs its value closely to the U.S. dollar. Tether then gets routed to bitcoin and other tokens.
This continuous practice might lead to an outright ban of Tether in China, and such drastic measure could be similar event when China’s Inner Mongolia’s ban of excessive power usage for cryptocurrency mining.
Tether had been a controversial topic in recent times, given its ease of transaction from virtual to fiat cash. Many of its users are using Tether to dodge rules that limit capital transfers abroad.
Copyright © 2018 www.chinaknowledge.com
Send feedback or comments to: [email protected]
For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com
To access our page on Bloomberg, type CKFI