Report finds $50 billion of cryptocurrency moved out of China hinting at capital flight against Beijing rules

Published Friday, August 21, 2020
by Arjun Kharpal

Over $50 billion of cryptocurrency moved from China-based digital wallets to other parts of the world in the last year, pointing to possibilities that Chinese investors are transferring more money than allowed out of the country, a new report claims.

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.

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