News Snapshot:
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, China’s national fiat, from leaving the country and causing any untoward economic effects. However, using Tether presents a way to circumvent that....
