China renewed its crackdown on cryptocurrency trading and mining in the second quarter amid pilot testing of digital yuan. However, according to China journalist Colin Wu, the latest central bank statement is quite detailed and mentions tether (USDT) as illegal for the first time. Tether, the largest stablecoin per market value, is widely used to fund crypto purchases and as collateral in decentralized finance.
Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal — CoinDesk
