I see that many friends do not fully understand, so let me explain briefly.

Trading cryptocurrencies is illegal, but holding cryptocurrencies is legal.

Any exchange relationship between cryptocurrencies and RMB is illegal.

In practice, transactions are often done with a blind eye; they won't really escalate unless someone reports the transaction as a pyramid scheme or fraud.

However, as long as there is an exchange between cryptocurrencies and RMB, whether it is stablecoins or any other cryptocurrency, including $BTC, it is illegal within China. It's just that collecting evidence is currently quite difficult, but there is one type that requires extreme caution.

Here is a real case I have seen:

A finds B to exchange U —> A gives B RMB —> B gives A USDT —> A reports to the police that B defrauded and induced A to trade cryptocurrencies —> The police ask B to return the RMB to A —> B's request to have A return the USDT is not established.

OTC must be approached with caution; the safest option is to directly transfer overseas remittances into a bank account in China, which is legal and compliant.

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