$50 billion of cryptocurrency moved out of China hinting at capital flight against Beijing's rules
Over $50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year, according to a report by Chainalysis.
The report said this could point towards the possibility of Chinese citizens using cryptocurrency to move their money out of the country. Chinese citizens are only allowed to buy up to $50,000 of foreign currency a year at a financial institution. In the past, wealthy citizens have circumvented the limit through foreign investments in real estate and other assets. But the government has cracked down on these methods, according to a report by Chainalysis, a blockchain forensics firm.
"In total, over $18 billion worth of Tether has moved from East Asia addresses to those based in other regions over the last 12 months. Again, it's highly unlikely that all of this is capital flight," Chainalysis said in its report.
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