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
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

Topic |   China economy
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
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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