CNY and Cryptocurrencies: What Has Changed in China's Regulatory Environment
China has introduced some of the world's strictest restrictions on cryptocurrency circulation. Since 2021, cryptocurrency mining on mainland China has been banned. Trading in crypto assets by individuals through exchanges within the country is also restricted. The People's Bank of China is simultaneously promoting the digital yuan (e-CNY) as a state alternative to private stablecoins. In Hong Kong, operations are only possible through licensed providers and under their rules for the specific client and asset; non-resident status and the origin of CNY require separate verification. For non-residents working with the Chinese yuan through offshore channels (CNH), there are more options for converting to USDT. When planning CNY/USDT transactions, it is important to consider the jurisdiction and legal framework of the specific party.
Why People Convert Yuan to USDT: Practical Scenarios
CNY/USDT operations are used in several situations: storing a portion of savings in USDT as a dollar equivalent without opening a foreign bank account; settlements on crypto exchanges, most trading pairs on which are denominated in USDT. The feasibility and legality of the operation depend on jurisdiction, status, and source of funds; the ATM24 manager confirms the available legal route before payment. Requests are submitted via Telegram or WhatsApp.
CNY to USDT Rate: Why It Is Not Equal to the CNY to USD Rate
USDT is pegged to the US dollar, but it is not the dollar. In practice, 1 USDT trades slightly above or below 1 USD depending on supply and demand on a specific exchange or exchanger. In calm periods, the deviation is minimal - fractions of a cent. During periods of stress in the crypto market, USDT may briefly trade at a noticeable premium or discount to USD. Therefore, the CNY/USDT rate is not identical to the official CNY/USD rate set by the People's Bank of China. The calculator on this page is based on USDT market data; the final rate for a real transaction is agreed before payment with ATM24.
The volume of identity verification (KYC) and source of funds checks (AML) is determined by applicable law and the transaction amount; the manager communicates specific requirements before payment.
Operations with crypto assets involve regulatory risks; their permissibility depends on the jurisdiction of the parties and may change. Before a transaction, independently assess applicable restrictions; the manager confirms the feasibility and terms of the specific operation before payment.