According to the analytical firm Peckshield, in 2020 the total capital outflow from Chinese cryptocurrency exchanges to foreign exchanges reached $ 17.5 billion.In 2019, this figure was $ 11.4 billion.
At the same time, Peckshield analysts argue that the real amount could be much larger, since a limited number of exchanges used by Chinese citizens were analyzed: OKEx, Bitfinex, Gate.io, ZB, Kucoin, Bibox, Binance, Bitstamp, Bittrex, Kraken, Coinbase, Poloniex , Bitflyer and Upbit.
In March, 172,115.39 BTC “flowed” abroad, and in December the number of bitcoins transferred abroad reached the highest dollar value for the entire year, exceeding $ 2.5 billion.
The rise in the rate of the first cryptocurrency caught the attention of the Chinese government, as local miners control about 65% of the hashrate of the Bitcoin network. Earlier, the China National Development and Reform Commission (NDRC) called bitcoin mining an “unwanted” activity that should be banned. However, a few months later, the NDRC said it would not completely restrict mining.
The authorities are taking tough measures against the movement of capital abroad. However, these figures indicate that despite the efforts of the government, the country’s citizens still find access to bitcoin. The state has a negative attitude towards cryptocurrencies, but at the same time supports the development of the blockchain.
In addition, China is actively testing its own digital currency for retail payments to reduce dependence on the US dollar. So, during the next testing of the digital yuan in Shenzhen, city residents made about 140,000 transactions with this asset.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
