Cryptocurrencies
Crypto Assets of $50 Billion Moved From China in the Past Year
- Report suggests digital coins contribute to capital flight
- Tether coin is ‘a U.S. dollar replacement’ for some in China
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About $50 billion in cryptocurrency assets have left China in the past year, a possible indication that investors are dodging rules that limit how much capital they’re allowed to transfer from the nation, according to new research by blockchain forensics firm Chainalysis.
The controversial cryptocurrency Tether accounted for more than $18 billion of the outflows from East Asia in the period, the firm said Thursday in a report. Tether, a so-called stablecoin because its value is pegged to the U.S. dollar, accounts for 93% of stablecoin use in the region.