Beijing prohibits its citizens from directly exchanging yuan for cryptocurrencies through online sites, and has closed cryptocurrency exchanges, but cryptocurrency mining – seen here at a facility in Inner Mongolia – remains prevalent in China. Photo: Bloomberg
Beijing prohibits its citizens from directly exchanging yuan for cryptocurrencies through online sites, and has closed cryptocurrency exchanges, but cryptocurrency mining – seen here at a facility in Inner Mongolia – remains prevalent in China. Photo: Bloomberg

Cryptocurrencies help Chinese evade capital and currency controls in moving billions overseas

  • More than US$50 billion in cryptocurrency assets have been moved abroad from China-based addresses in the last 12 months, according to a report
  • Chinese are increasingly using Tether, a ‘stablecoin’ pegged to the US dollar, to transfer money out of mainland China

Beijing prohibits its citizens from directly exchanging yuan for cryptocurrencies through online sites, and has closed cryptocurrency exchanges, but cryptocurrency mining – seen here at a facility in Inner Mongolia – remains prevalent in China. Photo: Bloomberg
Beijing prohibits its citizens from directly exchanging yuan for cryptocurrencies through online sites, and has closed cryptocurrency exchanges, but cryptocurrency mining – seen here at a facility in Inner Mongolia – remains prevalent in China. Photo: Bloomberg
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