Bitcoin-critic China moved $50 billion in Tether fearing capital flight rules

Chinese citizens moved over $50 billion from the country using Tether to avoid upcoming capital flight rules, reported news outlet CNBC . China tethers up Chainalysis, the on-chain crypto analytics company, provided data for the report. It stated that Chinese investors were transferring more money than allowed out of the country if the numbers were considered. As a background, Chinese citizens can move only $50,000 in foreign currency each year using financial institutions. This to prevent the yuan, Chinaࢀ™s national fiat, from leaving the country and causing any untoward economic effects. However, using Tether presents a way to circumvent that….