According to a report by Chainlist, which is a a blockchain analytic company, Chinese nationals are often using cryptocurrencies to transfer funds outside the country. Apparently nearly 50 billion USD were transferred in that manner in 2019.
The most popular cryptos for that purpose are stablecoins. Tether is in second place and it has been used to transfer about 18 billion USD in 2019.
In case you wonder why, it’s because it remained very popular in China after the near total ban of cryptos back in 2017.
Chinese traders use over-the-counter (OTC) terminals to get Tether and other stablecoins, then transfer them to exchanges to trade with them.
Source
It's fascinating they are doing that despite the ban. And I wonder how large that sum would be if there was no ban.
The most popular cryptos for that purpose are stablecoins. Tether is in second place and it has been used to transfer about 18 billion USD in 2019.
In case you wonder why, it’s because it remained very popular in China after the near total ban of cryptos back in 2017.
Chinese traders use over-the-counter (OTC) terminals to get Tether and other stablecoins, then transfer them to exchanges to trade with them.
Source
It's fascinating they are doing that despite the ban. And I wonder how large that sum would be if there was no ban.
