The Brief for August 24, 2020

Happy Monday! Read below for one article, one podcast, and one video for your week.

• Chainalysis Report: Tether Could Be Enabling Capital Flight From China

  • Bottom line: this year, Chinese citizens moved at least $50 billion of dollars out of the country using USDT, despite the Chinese government’s ban on such actions.

  • My take: the Chinese have used USDT to get exposure to US dollars for years. It’s easier than getting actual dollars and far less noticeable than trading in and out of yuan.

  • Why we care: with China’s digital yuan already in testing, you can bet there will be a race for the exits once it launches. While $50 billion isn’t much money, it’s a lot for the tiny crypto market. How much more money will flood the cryptosphere when as the launch gets closer and the Chinese try to get “one last chance” to flee their national currency?

Check out the most recent episode of The Flippening podcast, if you have a chance.

Clay interviews JP Thieriot of Uphold, a platform that lets people swap cryptocurrency for convenient use online and at stores. Interesting take on consumer behavior, how the US regulatory framework stifles crypto innovation for the rest of the world, and how modern payment rails adapt to crypto.

Check out my most recent video, where I answer two of the most common questions that I get.

If you’re enjoying Crypto is Easy, please vote for me for Hacker Noon Independent Tech Journalist of the Year!

Use your Hacker Noon login (if you have one) because your vote will carry more weight.

Relax and enjoy the ride!