A recent study published by Amun researcher, Eliézer Ndinga, shows that USD-pegged stablecoins are being leveraged in Hong Kong as “vehicles for capital control flight.” The report shows how individuals from mainland China, Singapore, and Hong Kong are moving their capital out of control by using these dollar-pegged blockchain tokens.

Last week on June 9, 2020, it marked the one year anniversary of the Hong Kong protests that were invoked by China’s extradition law. Almost immediately after the law was introduced, Hong Kong’s citizenry took to the streets in an attempt to claim the country’s true sovereignty. For over 12-months there has been civil unrest and demonstrations in the streets.

The blockchain ecosystem that emerged in China has helped Hong Kong residents flee the grasp of China’s totalitarian controls. Not only has blockchain helped individuals from Hong Kong, but also residents in Singapore and those who live within the borders of mainland China as well.

China's Government Fuels Stablecoin Economy: Hong Kong Protesters, Singapore and Mainland Residents Flee Capital Controls

“Although as an inherently digital, censorship-resistant, and…

Click to continue reading on its source location…

Source: https://news.bitcoin.com/chinas-government-fuels-stablecoin-economy-hong-kong-protesters-singapore-and-mainland-residents-flee-capital-controls/