What are the regulations regarding RMB and CNY in the cryptocurrency industry?

3 answers

• Dec 24, 2021 · 3 years ago
  As of now, the Chinese government has implemented strict regulations on the use of RMB and CNY in the cryptocurrency industry. Cryptocurrency exchanges in China are not allowed to directly facilitate the exchange between RMB and cryptocurrencies. This means that users cannot use RMB to directly purchase or sell cryptocurrencies on these exchanges. However, users can still trade cryptocurrencies using other cryptocurrencies as the base currency. These regulations aim to prevent money laundering, capital outflows, and other illegal activities.
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• Dec 24, 2021 · 3 years ago
  The Chinese government's regulations on RMB and CNY in the cryptocurrency industry have had a significant impact on the market. Many cryptocurrency exchanges in China have either shut down or moved their operations overseas due to these regulations. This has led to a decrease in trading volume and liquidity in the Chinese cryptocurrency market. However, it's important to note that these regulations are not unique to China. Many countries around the world have implemented similar regulations to protect their financial systems and prevent illicit activities in the cryptocurrency industry.
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• Dec 24, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, follows all the regulations set by the Chinese government regarding the use of RMB and CNY in the cryptocurrency industry. We prioritize the safety and compliance of our users' funds and transactions. While the regulations may impose certain limitations, they also help create a more secure and transparent environment for cryptocurrency trading in China. BYDFi ensures that users can still enjoy a seamless trading experience while adhering to the regulations set by the Chinese government.
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