• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Will Trump Pardon Sam Bankman-Fried? Polymarket Odds Surge as Traders React to CZ’s Release
china bitcoin

Are Chinese Capital Controls What’s Pushing Up Bitcoin Price?

Christina Comben
by Christina Comben
6 years ago
·
Posted in Bitcoin, Bitcoin Price, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A former Chinese central bank advisor was denied transferring $20,000 abroad to pay for a vacation. Could increasing capital controls in China be driving Bitcoin price?


Chinese Capital Outflow Controls Are ‘Extreme’

Yu Yongding is a former advisor to the People’s Bank of China. He just tried to transfer $20,000 USD out of China to fund a visit to relatives living abroad. He was denied on the grounds that he was ‘too old’.

That’s actually illegal in China since, under Chinese law, all citizens are permitted foreign transfers of up to US$50,000 a year regardless of their age.

Yongding has always been an advocate for preventing capital flight from his country. But this recent incident has lead him to conclude that the latest crackdowns have become “extreme”. They also caused the South China Morning Post to comment that: 

The case adds fresh evidence that China is tightening controls of personal purchases of US dollars despite a US$50,000 personal allowance each year

china bitcoin surveillance

The Crackdown Is Hurting Foreign Exchange Deals

Quoted in Chinese news portal Sina.com, Mr. Yongding added:

Legal foreign exchange deals are being hindered

He expressed concerns that the latest controls had become too rigid and were hurting Chinese trade. Tightening Chinese capital outflow controls have historically been a good thing for Bitcoin price.

 

The State Administration of Foreign Exchange (SAFE), China’s FX regulator and capital controls gatekeeper, insists that no change has been made to the $50,000 annual amount. However, it denied comment on the SCMP’s questions regarding Yongding’s case.

China’s Clampdown Is Great News for Bitcoin Price

Yongding added that, while there were significant outflows in 2015 and 2016, he saw no clear signs currently, reinforcing that the latest clampdown is unnecessary.

However, Zerohedge notes two rather interesting and valid points. Firstly, if the controls in place are indeed as “extreme” as Yongding maintains, there would be no capital outflows. And secondly:

perhaps Yu was looking at the wrong place – if, as in 2016/2017 when Bitcoin exploded, the former central banker was instead looking at the price of cryptocurrencies he may observe some “clear signs” of outflows, those taking place via cryptocurrency.

Beijing appears to be scrambling to prevent a tidal wave of yuan selling and preserve its value against the dollar by making it “virtually impossible” to sell:

In effect fully isolating China from the global FX system. As a result, those who are desperate to transfer their funds offshore are forced to find creative alternatives.

In short? Just as they did in 2016 and 2017, the Chinese are turning to Bitcoin instead and driving Bitcoin price higher.

The drawn-out US-China trade war may be one of the best things to happen to Bitcoin. China’s total deposits dwarf Bitcoin’s $127 billion market cap by around 124 times–that’s a potentially massive sum coming on-ramp.

Are the Chinese pouring into bitcoin due to extreme capital controls? Share your thoughts below!


Images via Shutterstock, Tradingview.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

vaneck-raises-bitcoin-price-target-180k-new-liquidity-wave-boosts-crypto-market-tw

VanEck上調比特幣目標價至18萬美元 流動性復甦資金推動新一輪加密升浪

4 hours ago
live-news-bitcoin-jpmorgan-crypto-collateral-october-27-2025-tw

比特幣即時新聞:摩根大通開放加密資產抵押動態更新(10月27日)

5 hours ago
Trade

Trade War Talks: US, China Signal Progress In Malaysia; Crypto Traders Take Notice

9 hours ago
Bitcoin

Bitcoin’s Illiquid Supply Drops By 62,000 BTC – What’s Behind The Shift?

15 hours ago
Bitcoin price

Bitcoin Could Make Its Next Major Move This Week — Time To Buy?

17 hours ago
Bitcoin price

Is Bitcoin Price Going To $30,000? Bearish Indicator Suggests Possible 70% Decline

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • Snorter Bot...

    3 days ago
  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    5 days ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    5 days ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    5 days ago
  • 挖 1 枚比特幣耗電可供 61...

    5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.