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.
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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…