China Saw $11.4 Billion in Crypto-Based Capital Flight Last Year

China Saw $11.4 Billion in Crypto-Based Capital Flight Last Year
фото показано с : news.bitcoin.com

2020-1-13 05:30

On January 8, China-based blockchain security firm Peckshield published its “2019 Global Digital Asset AML Research Report” noting a variety of crypto trends throughout the year. According to the study, cryptocurrency-based capital flight stemming from China was around $11.4 billion in 2019. Peckshield’s research recorded a number of illegal or otherwise unregulated transactions over the last few years.

Also Read: Mining Report Highlights China’s ASIC Manufacturing Improvements and Dominance

International Unregulated Capital Flow Using Cryptocurrencies Surges in 2019, While China Saw $11.4 Billion in Capital Flight Crypto Transactions

In January 2017, the Chinese government and the People’s Bank of China (PBoC) banned domestic cryptocurrency exchange operations. However, despite the ban, Chinese citizens have been able to access digital assets via over-the-counter platforms and offshore exchanges. Peckshield, a blockchain research firm from China, published a report which shows Chinese residents are still leveraging cryptos on a regular basis.

According to the study, roughly $11.4 billion in capital flight crypto transactions derived from China. The number is less than 2018’s $17.9 billion but more than 2017’s $10.1 billion. 2019’s unregulated capital flows from China represent more than 1% of the country’s foreign exchange reserves. Peckshield’s study notes:

International unregulated capital flows: The flow of funds using digital assets as a carrier has been huge internationally, but the legal definition of digital assets such as bitcoin in different countries is still very vague, meaning that these liquid funds have not been reasonably regulatory compliance.

MLM Crypto Scams and Darknet Market Bitcoins

Peckshield’s research utilized full nodes from a variety of blockchains and parsed the public data storage files deriving from chains like BTC, ETH, EOS, and TRX in real-time. The study also highlighted the major multi-level-marketing crypto scams that plagued China and many other regions worldwide. Peckshield mentioned how the Ponzi Onecoin managed to siphon $4 billion before the scam ended. The study also emphasized the Plustoken project which managed to defraud Chinese and international investors by running away with more than 200,000 BTC, 780,000 ETH, and 26 million EOS. Peckshield’s research notes that 3 million people were scammed by Plustoken and “the impact is very wide and the damage is huge.”

In addition to detailing the capital flow from Chinese citizens using cryptocurrencies, Peckshield’s report discusses darknet market (DNM) bitcoin growth. Peckshield claims there are about 60,000 darknet websites running on the invisible web and DNM transactions spiked considerably in 2019. In 2018, Peckshield data shows that 334,329 BTC flowed into DNMs but the following year the number jumped to 546,825 BTC.

Peckshield’s deep web research stressed the firm analyzed DNM page structures, content, and discovered a large number of digital asset addresses used within the invisible web. Out of the 546,000 BTC, Peckshield discovered that the total number of BTC flowing directly from DNMs into major exchanges was 29,471 BTC. The study emphasizes that only a small fraction of DNM funds flows into major trading platforms but small amounts of DNM funds are sent to exchanges every single day.

Peckshield’s report has five separate chapters of comprehensive crypto data in regard to DNM money flow and capital flight from an array of countries like China. The researchers note that overall BTC circulation on the invisible web is growing but it’s a “relatively stable amount determined by market demand.” On the other hand, “the current unregulated asset flow has occupied a considerable market share.” In Peckshield’s opinion, “accelerating compliance has become an urgent matter” as far as the global digital asset environment is concerned.

What do you think about the capital flight leveraging cryptocurrencies in China? What do you think about Peckshield’s data in regard to DNM funds in 2019? Let us know what you think about these topics in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, mining rigs, mining rig manufacturers, websites, concepts, content, goods or services mentioned in this article.

Image credits: Shutterstock, Peckshield’s research, Wiki Commons, Fair Use, and Pixabay.

Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts.

 

The post China Saw $11.4 Billion in Crypto-Based Capital Flight Last Year appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

First Bitcoin Capital (BITCF) на Currencies.ru

$ 0.01244 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.01244 - H: $0.01244
Капитализация $0 Rank 99999
Доступно / Всего 0 BITCF

flight year china capital crypto research variety

flight year → Результатов: 15


Futuristic hover bike promises 15,000 foot climbs and 150 MPH top speed (and you can pre-order it now)

Earlier this month, JetPack Aviation threw down the gauntlet, offering up its futuristic hover bike, dubbed the Speeder, for pre-order. It promised delivery next year. The hovercraft features four turbojet engines capable of 750 pound-feet of thrust, an on-board vehicle stability system, touchscreen navigation, and a 360-degree automatic collision avoidance system.

2019-3-21 00:39


ViMarket.io Expands, Rebrands and Reinvents; Welcome to Virse TM, “Connecting the Virtual Universe”, and the ViR Token

Bitcoin Press Release: VR marketplace ViMarket has announced its plans for its new “Virse”, upcoming token sale and Flight Deck VR Lounge Launch at this year’s CES. 11 Jan 2019, Las Vegas, Nevada –  ViMarket Inc has announced its plans for “Virse” ™ and the upcoming token sale of its native cryptocurrency, the ViR (Pronounced […] The post ViMarket.

2019-1-12 12:45


Фото:

Queensland Backs Cryptocurrency Point-of-Sale Project for Tourism

The Queensland government in Australia is backing a cryptocurrency point-of-sale system that officials believe will help boost tourism throughout the area. Thus far, they have given over $8 million in Australian dollars ($6 million USD) to roughly 70 different companies that will work to inspire innovation and create new ideas within the region’s travel space.

2018-8-2 00:27