The price of Tether (USDT) today is ¥7.21 CNY, with a 24-hour trading volume of ¥152,639,084,743 CNY. Tether is illegal in China, and its related business activities and investment transactions carry serious legal risks and consequences, which will be detailed below.
1. Firstly, Tether (USDT) is a stable value token based on the US Dollar (USD), designed to provide a substitute in the digital currency market that is pegged to a fiat currency. The price of Tether is maintained at a 1:1 ratio with the US Dollar, allowing users to exchange USDT with USD at any time. Tether’s issuance and trading utilize the Omni protocol, which is a 2.0 coin based on the Bitcoin blockchain.
2. Secondly, the price of Tether today is ¥7.21 CNY, with a 24-hour trading volume of ¥152,639,084,743 CNY. This indicates a 0.09% increase in price over the past 24 hours and a 0.01% increase over the past seven days. The circulation of Tether is 72,116,708,665 USDT, and its market capitalization is ¥502,219,889,743 CNY.
3. Additionally, Tether’s price has remained relatively stable over the past week, with no significant fluctuations. This demonstrates that as a stable value token, Tether can effectively withstand market volatility and risks, offering users a safe and reliable digital currency option. Moreover, Tether can leverage the advantages of the Bitcoin blockchain to achieve fast and low-cost transactions, enhancing user convenience and efficiency.
1. Tether is illegal in China, but not criminal. However, its related business activities and investment transactions carry serious legal risks and consequences. On September 4, 2017, the People’s Bank of China and seven other departments issued the ‘Notice on Preventing the Risks of Token Issuance Financing,’ which explicitly categorized Tether as a virtual currency and clarified that virtual currencies do not have legal tender status and should not and cannot be used as currency in the market.
2. The ‘Notice’ also stipulates that activities related to virtual currencies, such as exchanging legal tender for virtual currencies, exchanging between virtual currencies, acting as a central counterparty in the sale of virtual currencies, providing intermediary and pricing services for virtual currency transactions, token issuance financing, and virtual currency derivative transactions, are suspected of illegal financial activities such as illegal issuance of securities, unauthorized public issuance of securities, illegal futures business, and illegal fundraising.
These activities are strictly prohibited and will be resolutely banned according to the law.
The content above provides a comprehensive overview of two questions regarding Tether (USDT): its current price and its legality in China. Tether is a stable value token pegged to the US dollar, playing a significant role in the digital currency market. However, users are advised to participate in Tether transactions with caution and to comply with national regulations and policies.
