CHINA STOPS STABLE COINS TIED TO YUAN, PART OF THE FINANCIAL AND ECONOMIC WARFARE ATTACKING ITS CURRENCY
TELLINGLY, STABLE COINS, BITCOIN AND OTHER INFLATIONARY CRYPTOS ARE ALLOWED TO PROLFIERATE IN THE USA UNDER TRUMP ACCELERATING THE DOLLAR COLLAPSE
BITCOIN HAS FUNCTIONED LIKE THE JAPANESE CARRY TRADE
MANY AMERICANS HAVE BORROWED MONEY TO BUY BITCOIN SPECULATING ON MASSIVE INCREASES AND PROFITS
AS BITCOIN FALLS, THEY HAVE TO LIQUIDATE HOLDINGS TO PAY BACK THEIR LOANS AND INTEREST
PRIVATE BANKSTERS RUNNING THE EURO ARE ALSO CONSIDERING STABLE COINS TIED TO EURO
From media
China’s central bank closed the door on privately issued digital tokens tied to the yuan on Friday, marking the country’s firmest stance yet against cryptocurrencies that mimic its national currency.
The People’s Bank of China teamed up with seven government agencies to announce the prohibition, which blocks anyone from creating stablecoins linked to China’s currency without official permission. The ban reaches beyond China’s borders, covering both local and international companies that might try to launch such products.
Ban applies to all yuan markets
The announcement made clear that these digital coins act too much like real money. “Stablecoins pegged to fiat currencies perform some of the functions of fiat currencies in disguise during circulation and use,” the statement read. “No unit or individual at home or abroad may issue RMB-linked stablecoins without the consent of relevant departments.”
Winston Ma, who teaches at New York University Law School and previously worked as Managing Director at CIC, China’s sovereign wealth fund, explained that the ban covers all versions of Chinese currency. He said that both CNH and CNY fall under the new rules. CNH represents the offshore yuan used in foreign markets, while CNY is the domestic version.
https://www.cryptopolitan.com/china-bans-private-yuan-stablecoins/
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