Browsing: crackdown

China’s authorities are intensifying their crackdown on the use of cryptocurrencies like Tether (USDT) in foreign exchange transactions, marking a significant escalation in regulatory measures more than two years after the country imposed a sweeping ban on crypto activities. The Supreme People’s Procuratorate (SPP), China’s top legal prosecution agency, in collaboration with the State Administration of Foreign Exchange (SAFE), issued a stern warning against the utilization of USDT as an intermediary for trading the Chinese yuan against other fiat currencies. This move underscores Beijing’s growing concern over the use of stablecoins in circumventing capital controls and potentially destabilizing the country’s…

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Indonesian authorities have taken decisive action against illegal Bitcoin mining operations, shuttering 10 facilities across the country amid accusations of electricity theft amounting to nearly $1 million. According to a recent report, the North Sumatra Police Force orchestrated the crackdown, targeting a network of Bitcoin mining operations spanning multiple locations in Indonesia. The operation resulted in the confiscation of 1,134 Bitcoin mining machines, along with significant amounts of electrical cable and computer equipment. Chief of North Sumatra Police, Irjen Agung Setya Imam Effendi, outlined the allegations, asserting that those behind the operations had tampered with electrical circuits to siphon off…

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