逍遥XTony
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After the U.S. stablecoin bill recognizes U as legal, many people feel it is a positive development, believing it to be another victory for the crypto world.
This thing is definitely a huge, huge, huge negative for those trading cryptocurrencies within China!!!
Recently, when issuing U, due diligence is required beforehand, and they always ask: What are you buying U for?
I have encountered several wealthy individuals trying to exchange U to flee abroad, but I did not engage in transactions with them because I am concerned about the legality of currency exchange.
I only sell my U to cryptocurrency traders; I do not deal with anyone else and other uses.
If it is just exchanging U for cryptocurrency trading, the government can turn a blind eye; you can just enjoy yourselves in your little circle.
Now that stablecoins are legal, the U.S. has recognized U as the digital dollar. Large funds used to worry that the U.S. would not recognize this and were hesitant to engage, but now the credibility of U is basically the same as the Hong Kong dollar, with government credit backing it.
This situation, combined with foreign exchange controls, will lead to a significant amount of funds flowing out of China through U, which already involves financial security, and the government has to take action.
The authorities are not interested in distinguishing whether you are buying U for cryptocurrency trading or using U to flee abroad; in the end, it will be a blunt approach.
The days of being able to play around are numbered. 🥲🥲🥲
This thing is definitely a huge, huge, huge negative for those trading cryptocurrencies within China!!!
Recently, when issuing U, due diligence is required beforehand, and they always ask: What are you buying U for?
I have encountered several wealthy individuals trying to exchange U to flee abroad, but I did not engage in transactions with them because I am concerned about the legality of currency exchange.
I only sell my U to cryptocurrency traders; I do not deal with anyone else and other uses.
If it is just exchanging U for cryptocurrency trading, the government can turn a blind eye; you can just enjoy yourselves in your little circle.
Now that stablecoins are legal, the U.S. has recognized U as the digital dollar. Large funds used to worry that the U.S. would not recognize this and were hesitant to engage, but now the credibility of U is basically the same as the Hong Kong dollar, with government credit backing it.
This situation, combined with foreign exchange controls, will lead to a significant amount of funds flowing out of China through U, which already involves financial security, and the government has to take action.
The authorities are not interested in distinguishing whether you are buying U for cryptocurrency trading or using U to flee abroad; in the end, it will be a blunt approach.
The days of being able to play around are numbered. 🥲🥲🥲
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