{"id":455417,"date":"2022-05-31T09:00:21","date_gmt":"2022-05-31T06:00:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinese-state-media-signals-tighter-crypto-regulations-in-terra-aftermath\/"},"modified":"2022-05-31T09:00:21","modified_gmt":"2022-05-31T06:00:21","slug":"chinese-state-media-signals-tighter-crypto-regulations-in-terra-aftermath","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinese-state-media-signals-tighter-crypto-regulations-in-terra-aftermath\/","title":{"rendered":"# Chinese state media signals tighter crypto regulations in Terra aftermath"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40ee9238d51\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40ee9238d51\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chinese-state-media-signals-tighter-crypto-regulations-in-terra-aftermath\/#%E2%80%9D_Chinese_state_media_signals_tighter_crypto_regulations_in_Terra_aftermath_%E2%80%9C\" >&#8221; Chinese state media signals tighter crypto regulations in Terra aftermath &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Chinese_state_media_signals_tighter_crypto_regulations_in_Terra_aftermath_%E2%80%9C\"><\/span>&#8221; Chinese state media signals tighter crypto regulations in Terra aftermath &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZTFiMGRiMDItMTMzMC00MGMxLTg3N2ItMGJlOTEwNGM0ODJlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>The China state-owned <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem.<\/p>\n<p>In an article <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/paper.ce.cn\/pc\/content\/202205\/31\/content_254883.html\">published<\/a> May 31, the outlet detailed the collapse of TerraUSD (UST) and Luna (LUNA), explaining the workings of the algorithmic stablecoin. It used the so-called black swan event to praise the Chinese government\u2019s decision to ban cryptocurrency.<\/p>\n<p>\u201cMy country has been cracking down on virtual currency trading speculation and a large number of trading platforms,\u201d reporter Li Hualin wrote before adding, \u201cthis has effectively blocked the transmission of this risk in China and avoided investment risks to the greatest extent possible.\u201d<\/p>\n<p>Hualin explained that \u201cmany other countries\u201d are looking to regulate stablecoins following the Terra collapse and quoted Zhou Maohua, a researcher at the China Everbright Bank, to make a case for further restrictions within China:<\/p>\n<blockquote><p>\u201cIn the future, our country will also speed up the completion of regulatory shortcomings, and introduce targeted regulatory measures for the risk of stablecoins to further reduce the space for virtual currency speculation, illegal financial activities and related illegal and criminal activities, and better protect the safety of the people.\u201d<\/p><\/blockquote>\n<p>After banning crypto exchanges back in 2017, the Chinese government has been toughening its stance on crypto again since mid-2021. Multiple agencies warned of the risk of investing in crypto, and a major crackdown on mining within the country took place.<\/p>\n<p>Colin Wu, a China-focused cryptocurrency reporter, cleared up the misconception around the ban, telling Cointelegraph that the laws don\u2019t allow institutions to provide crypto services \u201cbut they don\u2019t prohibit ordinary people from using cryptocurrencies \u2014 there is no clear law to prohibit it,\u201d adding:<\/p>\n<blockquote><p>\u201cInstitutions and enterprises are completely banned from trading or owning cryptocurrency in China, but individuals are free to own, buy and sell, and some local courts even consider them to be legally protected as virtual property.\u201d<\/p><\/blockquote>\n<p>Earlier in May, a Shanghai court found that Bitcoin (BTC) is subject to property rights, laws and regulations as its value, scarcity and disposability meet the definition of virtual property according to the court.<\/p>\n<p>As for how traders obtain crypto in the first place, Cointelegraph previously highlighted the rising\u00a0use of VPNs among Chinese traders.\u00a0Following the last round of restrictions, traders began increasingly using offshore exchanges or peer-to-peer (P2P) platforms for all of their activities. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending<\/em><\/strong><\/p>\n<p>Wu says there is a \u201cgreat possibility\u201d that the Chinese government would impose even tighter restrictions or even complete bans on stablecoins to prohibit ownership, transfer, purchase and sale of the assets, \u201cespecially for Tether,\u201d he added.<\/p>\n<p>But, China may not stop at its own borders, as the Chinese Communist Party-owned outlet said that regulators in other countries should \u201cstrive to formulate global <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> rules\u201d to tighten scrutiny on cross-border payments.<\/p>\n<p>The Beijing regime outlet concluded that the move will \u201cprevent virtual currency from becoming a tool for money laundering, fraud, and illegal fundraising.\u201d<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-state-media-signals-tighter-crypto-regulations-in-terra-aftermath\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Chinese state media signals tighter crypto regulations in Terra aftermath &#8220; The China state-owned media outlet, the Economic Daily, has signaled that the Chinese government may introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem. In an article published May 31, the outlet detailed the collapse of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":455418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZTFiMGRiMDItMTMzMC00MGMxLTg3N2ItMGJlOTEwNGM0ODJlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,75493,122378,25196,76308,4973,71511,55229,70934,36041,71407],"class_list":["post-455417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-stablecoin","tag-terra","tag-asia","tag-ban","tag-china","tag-government","tag-law","tag-regulation","tag-tether","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455417","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=455417"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/455417\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/455418"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=455417"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=455417"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=455417"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}