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The government doesn't care what the bitcoin/rmb exchange rate is because they don't buy oil or imports in bitcoin nor do they hold any bitcoin reserves.

• seanmcdirmid 9y ago
  I'm not disagreeing with that: Bitcoin isn't a sneaky way of doing forex unless the RMB used to buy bitcoin is being converted into dollars (or another convertible currency), which most definitely is cared about.
  • maxerickson 9y ago
    Mining operations can convert Chinese electricity into bitcoin. So use RMB to purchase electricity for mining bitcoin, convert mined bitcoin to currency outside of China (or sell for RMB to someone that wants to do that and use RMB to buy electricity to mine more bitcoin).
    • seanmcdirmid 9y ago
      Ya, ok. I can believe that, but it isn't very direct. China does have cheaper electricity than the west, especially since most of it still comes from cheap dirty coal.
    • bduerst 9y ago
      Aren't the bitcoin miners in China siphoning electricity off the grid for free?
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