After the stablecoin bill in the United States recognizes U as legal, many people think this is a positive development, believing it is another victory for the cryptocurrency world.

This is definitely a huge, huge, huge negative for those engaging in cryptocurrency trading within China!!!

Recently, when issuing U, there is a due diligence process where they routinely ask: what are you buying U for?

I have encountered several wealthy individuals exchanging U to flee abroad, all in the tens of millions, but I refrained from trading with them due to concerns about the legality of currency exchange.

I only sell my U to cryptocurrency traders; I avoid all other uses.

If it's just exchanging U for trading, the government can turn a blind eye, and we can just enjoy ourselves in our small circle.

Now that stablecoins are legal and the U.S. has recognized U as a digital dollar, large funds that previously worried about the U.S. not recognizing this are now more willing to engage,

and the credit of U is basically on par with the Hong Kong dollar, now backed by government credit.

In this situation, combined with foreign exchange controls, a large amount of funds in China will flow out by exchanging U, which has already involved financial security, forcing the government to take action.

The authorities have neither the interest nor the ability to differentiate whether you are buying U for trading or for fleeing abroad; in the end, it will be a one-size-fits-all approach.

There aren't many days left for us to play around. 🥲🥲🥲