Bitcoin Drops $2K as China Declares Cryptocurrency-Related Business Illegal — CoinDesk

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China renewed its crackdown on cryptocurrency buying and selling and mining within the second quarter amid pilot testing of digital yuan. However, in keeping with China journalist Colin Wu, the newest central financial institution assertion is kind of detailed and mentions tether (USDT) as unlawful for the primary time. Tether, the most important stablecoin per market worth, is extensively used to fund crypto purchases and as collateral in decentralized finance.