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$50 Billion Worth Of Crypto Assets Have Left China Over The Past Year
Summary: Despite rules limiting how much capital investors are allowed to move out of the country, $50 billion worth of cryptocurrency assets have left China over the past year, according to a recent Chainanalysis report. Popular dollar-pegged stablecoin Tether was the leading crypto flowing out of the nation with $18 billion leaving over the year. China ...
Despite rules limiting how much capital investors are allowed to move out of the country, $50 billion worth of cryptocurrency assets have left China over the past year, according to a recent Chainanalysis report.
Popular dollar-pegged stablecoin Tether was the leading crypto flowing out of the nation with $18 billion leaving over the year.
China sets a limit of $50,000 a year for citizens sending money outside of the country. In the past, wealthy Chinese citizens have used real estate or shell companies as a means to evade this law. However in an effort to continue overseas investments, Chinese citizens may have turned to stablecoins. Tether is also useful for cross-border transactions, a leading argument for why similar stablecoins should be adopted.
The concentration of crypto miners in China may also contribute to the high level of crypto exports from the country, as many miners quickly sell their crypto rewards.
By Emily Mason
Tags: China,Crypto Exports,Tether
Link: $50 Billion Worth Of Crypto Assets Have Left China Over The Past Year [Copy]
