{"id":113335,"date":"2019-09-09T12:15:51","date_gmt":"2019-09-09T19:15:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=113335"},"modified":"2026-04-26T16:43:28","modified_gmt":"2026-04-26T15:43:28","slug":"tethers-yuan-stablecoin-circumventing-regulations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tethers-yuan-stablecoin-circumventing-regulations\/","title":{"rendered":"Tether\u2019s new yuan-based stablecoin is the newest addition in circumventing regulations"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a> <a href=\"https:\/\/tether.to\/tether-now-supports-offshore-chinese-yuan-cnh-launches-cnht-stablecoin\/\">announced<\/a> a new offshore Chinese-yuan backed stablecoin, CNHT. The cryptocurrency is the newest addition to the firm\u2019s suite of regulation-skirting coins.<\/p>\n<h2>Primer on China\u2019s currency controls<\/h2>\n<p>As part of <a href=\"https:\/\/cryptoslate.com\/bitcoin-protest-hong-kong-withdraw-money-bank\/\">China\u2019s monetary strategy<\/a> to <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2019-09-09\/yuan-gaining-on-trade-war-hopes-helps-emerging-markets-k0bvqgzh\">peg<\/a> the yuan against the dollar, it is mandatory that the People\u2019s Republic control capital flows into the country. The theory is part of the international economics concept called the \u201c<a href=\"https:\/\/en.wikipedia.org\/wiki\/Impossible_trinity\">impossible trinity<\/a>.\u201d<\/p>\n<p>According to the theory, it\u2019s impossible for a government to maintain all three of the following at the same time:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">A fixed foreign exchange rate (a peg)<\/li>\n<li style=\"font-weight: 400;\">Free capital movement<\/li>\n<li style=\"font-weight: 400;\">The ability to set interest rates<\/li>\n<\/ul>\n<p>The PRC chose to fix the yuan\u2019s exchange rate against the dollar, for trade purposes, while retaining the ability to set interest rates to stimulate the economy.<\/p>\n<p>As a result, Chinese citizens are restricted from moving more than $50,000 RMB out of the country in a given year. Moreover, currency exchanges and transactions into and out of the country are closely monitored by the Chinese central bank.<\/p>\n<h2>Black market for moving yuan<\/h2>\n<p>As a result of these controls, there is a large black market for moving yuan out of the country. This makes sense given that interest rates inside China are kept <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-07-25\/why-china-s-getting-ready-to-shake-up-interest-rates-quicktake\">artificially low<\/a>, meaning money can earn a higher return outside of the country.<\/p>\n<p>As a result, banning <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> in China isn\u2019t a choice, it\u2019s a necessity. For China to retain its capital controls it must ensure mediums of exchange, like Bitcoin, are restricted, said <a href=\"https:\/\/cryptoslate.com\/coins\/neo\/\">NEO<\/a> founder <a href=\"https:\/\/cryptoslate.com\/people\/da-hongfei\/\">Da Hongfei<\/a> at the 2019 NEO Community Summit.<\/p>\n<p>But there\u2019s another threat to China\u2019s monetary regime\u2014Tether.<\/p>\n<h2>Circumventing controls with USDT<\/h2>\n<p>USDT, Tether\u2019s allegedly dollar-backed stablecoin, is one of the most popular ways to move money out of China\u2014opined a panel including executives from VeChain, NEO, Ontology, TomoChain, and other large Asia-based blockchain projects.<\/p>\n<p>Skirting currency controls is one of the largest use-cases for the stablecoin, said <a href=\"https:\/\/www.conflux-chain.org\/team\/\">Conflux<\/a> COO Yuanjie Zhang. USDT is an inexpensive way to avoid these controls without needless exposure to Bitcoin\u2019s volatility.<\/p>\n<p>Unlike other stablecoins, Tether is almost completely unregulated. The firm\u2019s banking partners exist in the Bahamas, a jurisdiction notorious as a tax haven. The founders are elusive about their whereabouts, mitigating potential legal action. And, iFinex, the parent-entity to both Bitfinex and Tether, has been constantly embroiled in a slew of legal disputes, hacks, and a variety of other billion-dollar controversies.<\/p>\n<p>Despite the overwhelming notoriety surrounding Tether\u2014even with news that USDT is <a href=\"https:\/\/cryptoslate.com\/tether-and-bitfinex-confirm-usdt-is-not-fully-backed-by-fiat-only-74-of-tethers-backed-with-cash\/\">only 74 percent<\/a> backed by dollars\u2014ultimately it may not matter. USDT\u2019s primary value proposition is circumventing regulations, not redeemability or absolute stability.<\/p>\n<h2>More ways to avoid regulation<\/h2>\n<p>Now, Tether is offering a Chinese-yuan backed stablecoin. One thing to note is that the coin is backed by <a href=\"https:\/\/blog.sendwyre.com\/the-difference-between-cny-and-cnh-currency-c9929158c2ab\">CNH, not CNY<\/a>. Although both are technically Renminbi, CNY is used inside the country and trades at a rate set by the People's Bank of China. Meanwhile, CNH tends to trade at a premium and floats freely like other international currencies.<\/p>\n<p>CNHT provides yet another outlet for easing cash flows out of China. Assuming exporters can smuggle their yuan out of the country, these CNH can then be converted to CNHT, traded to USDT, sold into Bitcoin, and finally traded for hard U.S. dollars.<\/p>\n<p>The process is ideal for money launderers and currency smugglers because it\u2019s possible to go through the entire process without conducting any know-your-customer (KYC) or anti-money laundering (AML) checks. By using smaller, unregulated exchanges and P2P Bitcoin exchanges the whole process can remain outside of the prying eyes of financial regulators.<\/p>\n<p>CNHT will initially be available on the <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> blockchain as an ERC-20 token. It\u2019s unclear which exchanges will be the first to support the new stablecoin, but expect smaller exchanges based out of lightly-regulated jurisdictions to be first adopters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether announced a new offshore Chinese-yuan backed stablecoin, CNHT. The cryptocurrency is the newest addition to the firm\u2019s suite of regulation-skirting coins. Primer on China\u2019s currency controls As part of China\u2019s monetary strategy to peg the yuan against the dollar, it is mandatory that the People\u2019s Republic control capital flows into the country. The theory [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":113353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,60209,11,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tether\u2019s new yuan-based stablecoin is the newest addition in circumventing regulations<\/title>\n<meta name=\"description\" content=\"Tether announced a new offshore Chinese-yuan backed stablecoin, CNHT. 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The cryptocurrency is the newest addition to the firm\u2019s suite of regulation-skirting coins.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/tethers-yuan-stablecoin-circumventing-regulations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-09T19:15:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-26T15:43:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/09\/tether-yuan-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mitchell Moos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tether\u2019s new yuan-based stablecoin is the newest addition in circumventing regulations\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mitchell Moos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/tethers-yuan-stablecoin-circumventing-regulations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/tethers-yuan-stablecoin-circumventing-regulations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#person\",\"name\":\"Mitchell Moos\",\"url\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mitchell-moos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/11\/author-mitchell-moos.jpg\",\"caption\":\"Mitchell Moos\"},\"jobTitle\":\"Contributing Analyst\",\"description\":\"Mitchell is a software enthusiast and entrepreneur. 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