“One instrument rising markets have used when making an attempt to defend a devaluing foreign money (or keep a peg) is to limit convertibility. The “capital controls” are designed to restrict conversion from the rising market foreign money to USD. Broadly talking, these restrictions should not very efficient,” Bryan Routledge, affiliate professor of finance on the Tepper College of Enterprise, Carnegie Mellon, “Presumably, crypto provides yet another channel for individuals to get round capital controls.”
