Chinese citizens moved $50 billion of cryptocurrency out of the country in the past year to skirt foreign currency rules, a report says

Saloni Sardana

 Aug. 21, 2020, 01:57 PM

Reuters/Lucas Jackson

• Chinese citizens moved $50 billion worth of cryptocurrency out of the country in the past 12 months amid plummeting US-China relations, a report said.

• A report by blockchain firm Chainalysis said this means Chinese people likely breached capital limits, as the government only allows citizens to buy a maximum of $50,000 in foreign currency.

• The report said stablecoin Tether was mainly used to move the money out of the country.

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Chinese citizens moved $50 billion worth of cryptocurrency out of the country and breached capital flight limits as relations between US and China hit new lows, a report says.