USDT to RMB Exchange Rate: Is USDT Legal in China?
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Constant
What is the current exchange rate for USDT to Chinese RMB and is USDT legal in China?
2023-06-09 05:19
Answer list:：
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Nigel
The USDT to Renminbi exchange rate refers to the value of USDT, a stablecoin backed by the US dollar, in relation to the Chinese currency Renminbi. This exchange rate fluctuates based on market demand and supply for USDT and Renminbi, as well as other economic and geopolitical factors.
As for the legality of USDT in China, it is currently prohibited for Chinese citizens to use foreign cryptocurrencies, including USDT, for commercial or investment purposes, according to regulations from the People's Bank of China. However, USDT can still be traded on certain offshore cryptocurrency exchanges accessible to Chinese investors.
Release time 2023 06 09
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Keegan
The USDT to CNY exchange rate refers to the value of USDT, a stablecoin pegged to the US dollar, in Chinese yuan. It represents the amount of CNY needed to purchase one USDT or the amount of CNY that one can receive in exchange for one USDT.
As for the legality of USDT in China, it is a complicated issue. While the Chinese government has cracked down on cryptocurrency trading and initial coin offerings (ICOs), USDT is still widely used by Chinese traders and exchanges. However, there have been concerns about the stability and legitimacy of USDT, as well as potential risks related to money laundering and market manipulation.
Release time 2023 06 09