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❕NEWS China crypto users moved more than $50 billion of crypto out of the country

B

Balint098

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As per CNBC, based on a report by Chainalysis, a firm that specialize in crypto analysis, Chinese users transferred more than $50 billion in crypto from their Chinese-based digital wallets to another parts of the world. This move maybe caused by the ongoing trade war with the US and the pandemic that both weaken Yuan, the China's national currency. The law in the country prohibits citizens of China from buying more than $50,000 in foreign currencies, but with crypto they able to circumvent that.
 
what could be the reason behind that and were the transactions made for some legal purpose or is it just another money laundery crime case that's related to crypto?
 
It was caused because of the weakening of Yuan, I mean most national currencies are now weaken because of this pandemic. So it's nothing surprising.
 
As per CNBC, based on a report by Chainalysis, a firm that specialize in crypto analysis, Chinese users transferred more than $50 billion in crypto from their Chinese-based digital wallets to another parts of the world. This move maybe caused by the ongoing trade war with the US and the pandemic that both weaken Yuan, the China's national currency. The law in the country prohibits citizens of China from buying more than $50,000 in foreign currencies, but with crypto they able to circumvent that.
Wow . I guess this is why cryptocurrency is getting attention very fast lately. There are many things one can achieve with cryptocurrency that is not achievable with fiat currency
 
Wow . I guess this is why cryptocurrency is getting attention very fast lately. There are many things one can achieve with cryptocurrency that is not achievable with fiat currency

Yep, crypto is also good means to bypass scantions, embargoes, and restrictions put by any government or international organization.
 
It might affect the currency but people are now interested in crypto currency during this period ,so moving such amount of money to another entity isn't a surprise for me
 
Yep, crypto is also good means to bypass scantions, embargoes, and restrictions put by any government or international organization.
Yeah , this is why it has both positive and negative reviews . countries feel that crime is committed through the use of cryptocurrency while individual believe that it helps them to achieve something they can't achieve with fiat currency
 
I don't see the movement as a result of currences weakening but a safe or convinient way to make transactions without limitations because if most national currencies are facing devaluation challenges moving such amount to exchange in another currency of a country won't make sense.
 
I don't see the movement as a result of currences weakening but a safe or convinient way to make transactions without limitations because if most national currencies are facing devaluation challenges moving such amount to exchange in another currency of a country won't make sense.
What if it was to help him be able to exchange the cryptocurrency for a larger amount of dollars that couldn't be possible to exchange with fiat currency .
 
If the Company feels dollar conversion will be more profitable to him than Yuan then this might be the reason for such huge amount been moved or transfered out of China territory.
 
If the Company feels dollar conversion will be more profitable to him than Yuan then this might be the reason for such huge amount been moved or transfered out of China territory.
Not really , if he converts the cryptocurrency to dollar first and then from dollar to Yuan , he will make more gain . this could be the reason
 
I don't see the movement as a result of currences weakening but a safe or convinient way to make transactions without limitations because if most national currencies are facing devaluation challenges moving such amount to exchange in another currency of a country won't make sense.
It most times affect the national currency of the country thats why banks had to put a limit on the amount of money people sends to other country
 
Not really , if he converts the cryptocurrency to dollar first and then from dollar to Yuan , he will make more gain . this could be the reason
i wouldn't really call it a gain, because he already had that money in USD, which means same value, even if it sounds more in his local currency (which is YUAN in this case )
 
I don't see the movement as a result of currences weakening but a safe or convinient way to make transactions without limitations because if most national currencies are facing devaluation challenges moving such amount to exchange in another currency of a country won't make sense.

An example - today, $1 is equal to 100 fakecoin (fictional currency for just an example); tomorrow, because of the pandemic the fakecoin currency weakens to $1 = 200. Now if a person is exchanging his 100 fakecoins to $1 before the weakening of the currency and then he sells it after the currency weakens now he has 200 fakecoins or 100 fakecoins profit.
 
As per CNBC, based on a report by Chainalysis, a firm that specialize in crypto analysis, Chinese users transferred more than $50 billion in crypto from their Chinese-based digital wallets to another parts of the world. This move maybe caused by the ongoing trade war with the US and the pandemic that both weaken Yuan, the China's national currency. The law in the country prohibits citizens of China from buying more than $50,000 in foreign currencies, but with crypto they able to circumvent that.

The freedom that come with cryptographic currencies is why more people will come to use the technology in the future.

I am really happy for this news as it will bring more positivity into crypto.
 
The freedom that come with cryptographic currencies is why more people will come to use the technology in the future.

I am really happy for this news as it will bring more positivity into crypto.
That's true and this is more reason why I feel government of all countries should legalized it for all interested citizens and this enable them to monitor transactions because soonest politicians will be lauderring money through Crypto currencies and boycott banking protocols.
 
The law in the country prohibits citizens of China from buying more than $50,000 in foreign currencies, but with crypto they able to circumvent that.
guessing this is because of the trade war, though government of China might make new restrictions which would include crypto restrictions in it, though not sure how they can manage that
 
guessing this is because of the trade war

I don't think so, it's just China's ways of doing things. I mean they even have "social credit" system that undermine the citizen's privacy and freedom there. Not that China has any kind of "freedom" in the first place. In communist states, everything is controlled by the government.
 

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