Police in China's Sichuan province have dismantled an underground bank using stablecoin USDT to exchange foreign currency, with the total value of transactions reaching 13.8 billion yuan ($1.9 billion). .
Chengdu police say the criminal group mainly serves people seeking to smuggle drugs and cosmetics or those wanting to buy assets abroad.
A total of 193 suspects were arrested nationwide and assets worth 149 million were frozen. The criminal group, led by individuals surnamed Lin, Weng and Chen, used USDT to facilitate illegal currency exchanges starting in January 2021.
Over the years, China has implemented strict capital control policies – leading some to turn to cryptocurrencies to circumvent the law.
https://tapchibitcoin.io/trung-quoc-triet-pha-hoat-dong-ngan-hang-ngam-tri-gia-19-ty-usd-su-dung-usdt.html
