• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, January 30, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Bitcoin-critic China moved $50 billion in Tether fearing capital flight rules

21 August 2020
in Regulation
Reading Time: 3 mins read
A A
1
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT


Chinese citizens moved over $50 billion from the country using Tether to avoid upcoming capital flight rules, reported news outlet CNBC.

China tethers up

Chainalysis, the on-chain crypto analytics company, provided data for the report. It stated that Chinese investors were transferring more money than allowed out of the country if the numbers were considered.

Related articles

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022

Access To Crypto Exchange OKX Is Blocked In Russia

6 October 2022

As a background, Chinese citizens can move only $50,000 in foreign currency each year using financial institutions. This to prevent the yuan, China’s national fiat, from leaving the country and causing any untoward economic effects.

[crypto-donation-box]

However, using Tether presents a way to circumvent that. The report said wealthy citizens have turned to digital currencies alongside traditional methods like real estate purchases, even as the government is cracking down on such methods.

Data-rich report on the East Asia trading and stable coin flow

The stable coin, especially tether business in China is so fascinating. When capital control tightened, Tether becomes a USD replacement with adoption outside crypto space https://t.co/lM69vYTBvq

— Dovey 以德服人 Wan 🪐🦖 (@DoveyWan) August 20, 2020

The report said that over the past year — with China’s economy suffering due to trade wars and devaluation of the yuan at different points — “we’ve seen over $50 billion worth of cryptocurrency move from China-based addresses to overseas addresses.”

It, however, cautioned against rumors, stating that not all of the amount could be capital flight,  but was the maximum amount in such a scenario.

Citizens turned to Tether (USDT), a stablecoin backed on a 1:1 peg with the US dollar, to move their money. This allowed them to avoid any setbacks from volatility in Bitcoin and other cryptocurrencies.

Stablecoins are useful for transferring large amounts of cryptocurrency because, in theory, the value of the cryptocurrency a person is moving should not see wild swings.

“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. 

Bitcoin miners at the helm?

The report stated Bitcoin miners in China, which are said to control over 60% of the pioneer cryptocurrency’s hash pool, may have converted their gains to Tether and moved them out of the country.

But that wasn’t all, Chainalysis also found that spikes in Tether movement around certain news events, especially in March this year during “Black Thursday,” when crypto prices plunged by 40% reacting to a selloff in the global equity markets.

Cryptohopper
ADVERTISEMENT
Bitcoin dropped $1,500 in minutes in August. Image: TradingView

Meanwhile, China’s tough stance against Bitcoin and crypto continues to exist. This despite its digital yuan said to be in its final testing phases and already undergoing pilots in Hong Kong and Shenzhen.

Like what you see? Subscribe for daily updates.





Source link

Tags: BillionBitcoincriticCapitalChinafearingflightmovedrulesTether
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Market Wrap: Bitcoin Dips to $11.6K, ETH Options Predict Price Below $400 by End of Year

Next Post

Bitcoin, Ethereum, and Major Cryptos Fall as Dollar Finally Reverses

Related Posts

Ripple Vs. SEC To Be Settled On This Date: Cardano Founder

12 December 2022
0

Cardano founder Charles Hoskinson has made an explosive claim about the legal dispute between Ripple Labs and the U.S. Securities...

Access To Crypto Exchange OKX Is Blocked In Russia

6 October 2022
0

The Russian government reportedly blacklisted OKX’s IP address on Wednesday for possible illegal activity related to a violation of Article...

What Did US Lawmakers Ask Miners Core Scientific, Riot, Marathon & Stronghold?

21 August 2022
0

The four biggest US-based mining operations – Core Scientific, Marathon Digital Holdings, Riot Blockchain, and Stronghold Digital Mining – got...

Bitcoin Trading And Mining Will Now Be Regulated In Paraguay

18 July 2022
0

Bitcoin trading and mining will now be under the crosshair of the Paraguay government. Last month, the Chamber of Deputies...

Bitcoin Gives Way To Ruble: Putin Signs Law Banning Crypto Payments In Russia

16 July 2022
0

Bitcoin and other types of crypto has just been outlawed in Russia by no less than the commander in chief...

Load More
Next Post

Bitcoin, Ethereum, and Major Cryptos Fall as Dollar Finally Reverses

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%