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🔆 China's Ongoing Efforts to Curb Cryptocurrency Trading

Despite implementing significant restrictions on cryptocurrency trading in 2021, China continues to face challenges in enforcing these bans. Brokers are assisting individuals in converting large amounts of Chinese yuan into cryptocurrencies like Tether, enabling them to bypass the annual $50,000 foreign exchange limit. These activities often involve over-the-counter trading and peer-to-peer networks, complicating regulatory enforcement.