It has been determined that Chinese citizens have transferred $ 50 billion worth of crypto money outside the country in the last 12 months. An important part of this is considered to be capital flight.
In the latest report published by the crypto money intelligence company Chainalysis, it was stated that over the past 12 months, cryptocurrencies with a value of more than $ 50 billion have been moved from China-based digital wallets to other parts of the world.
Chainalysis said, “We have determined that in the last 12 months, 50 billion dollars worth of crypto money has been transferred from China-based addresses to addresses abroad. This happened with the trade wars and the devaluation of the yuan. ” says.
The report also said, “Obviously, not all of these are capital flight, but we can consider $ 50 billion as the maximum ceiling for capital flight through cryptocurrency in other regions from East Asia.” expressions were used.
Tether formed part of this $ 50 billion. “More than 18 billion Tether in total have been sent from East Asian addresses to other regions in the last 12 months,” the report said. It was said.
The company attributes part of this $ 18 billion transfer to Chinese miners who convert the newly mined coins into Tether and send them to exchanges abroad. On the other hand, some news contributed to the increase in the Tether movement, according to Chainalysis. The first was that in October, Chinese President Xi Jinping openly declared that they would support Blockchain. The second was that Bitcoin started to recover after the big sales wave in mid-March.
“Shares in both the US and China were still losing value,” said Chainalysis. While much of the tether movement may stem from East Asian cryptocurrency traders transferring them to international exchanges for trading at a time of high volatility in cryptocurrency prices, the economic turmoil is also likely to have caused some capital flight from China. ” dropping the grade.