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Is trading Bitcoin for tether illegal in China?

Trading Bitcoin for Tether was already made illegal by the PBOC’s 2017 prohibition on cryptocurrency exchanges, but it was still possible for Chinese cryptocurrency traders to acquire Tether from discreet trade with over-the-counter brokers or through the use of foreign bank accounts.

Is bitcoin a Chinese currency?

1- Bitcoin is not currency according to the Chinese party-state, and use of it as such is not allowed by the Chinese party-state. This includes people transacting with one another in cryptocurrency.

Why did the PBOC ban bitcoin in China?

As a follow-up to its ban on bitcoin transactions, the PBoC allegedly met with top third-party payment services in China on Dec. 16 and directed them to stop doing business with bitcoin exchanges.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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