China Says All Crypto-Related Transactions Are Illegal and Must Be Banned

The transcript discusses China's announcement to ban all crypto transactions, as stated on the PBOC website. Bitcoin's price has dropped, but the decline is not significant, indicating the market was not surprised. The discussion includes potential reasons for the ban, such as regulatory trends and concerns about Evergrande. There are also concerns about retail investors and wealthy individuals moving wealth offshore. Tether's role in crypto flows from China is highlighted.

What factors might have influenced China's decision to crack down on cryptocurrency now?

What is the significance of Tether in the context of cryptocurrency flows from China?