Billions Moved Out of China in Bitcoin

bitcoin flowing out of china 2020

Close to $20 billion has been moved out of China through bitcoin according to a new report by the China based blockchain analytics firm Peckshield. “In 2020, the total capital outflow from Chinese exchanges to foreign exchanges reached $17.5 billion, up from $11.4 billion in 2019, with this sum exceeding 1.5% of China’s three trillion foreign reserves,” the company said. They argue the actual sum is likely higher because they track a limited number of exchanges used primarily by Chinese citizens. The exchanges they track, according to a rough translation, are Token [?], OKEx, Bitfinex, Gate.io, ZB, Kucoin, Bibox, Binance, Bitstamp, Bittrex, Kraken, as well as more mainstream exchanges like Coincheck [?], Coinbase, Poloniex, Bitflyer and Upbit. “The number of bitcoins that flowed from domestic to foreign countries was highest in March this year, reaching 172,115.39 bitcoin,” they say, adding: “On December 12 2020, the value of Bitcoin flowing from…

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