China’s Bitcoin Capital Flight Hits Mainstream As Analysts Fear Crackdown
The use of Bitcoin as a capital funneling method for Chinese investors is hitting the mainstream news, however, there is already talk of authorities clamping down on it - again. As China’s yuan continues its multi-year low against the dollar, authorities have acted to stem the outflow of value. Investors are finding ever more ingenious ways of getting their capital out of the country - and Bitcoin is becoming the method of choice. Now, even regional news outlets are quoting sources actively using Bitcoin where other methods are no longer available. Investor: China’s Market Rules ‘Not....
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The Canadian anti-money laundering agency, Fintrac, says it recorded official capital inflows originating from Hong Kong that totaled more than $34 billion in the past year. The outflows, which are the highest since 2012 when the earliest Fintrac records are available, “are the first evidence of a significant flight of capital overseas from the Asian financial hub following the security turmoil.” Accounts Frozen As detailed by one report, the city’s record capital transfers, which are “up 46 per cent from 2016 and 10 percent from 2019, came in a year when Hong Kong....