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Legally a Chinese citizen can only move up to $50k USD out of China per year (and they have to report those expenses) [1]. There are various techniques wealthy
by ng12 9y ago
Legally a Chinese citizen can only move up to $50k USD out of China per year (and they have to report those expenses) [1]. There are various techniques wealthy Chinese use to get around this but BTC had the ability to be the one of the easiest and least-traceable. Not everything traces back to BTC but it is a telling sign of a larger trend.
1. https://www.inman.com/2017/01/03/new-rule-china-may-affect-overseas-real-estate-purchases/ https://www.inman.com/2017/01/03/new-rule-china-may-affect-o...
- gruez 9y ago>least-traceable because sending tens of thousands of dollars to a bitcoin exchange isn't traceable?
- ng12 9y agoCertainly less traceable than purchasing real estate in the US or Canada.
- cepp 9y agoAs someone who has lived in China I can testify that this is a falsehood. The issue is getting the money out of the bank into some other asset in the first place. If you have that much purchasing power in a Chinese BTC exchange you probably already have a number of other means by which you can extract your money. The hard part isn't what to do with your money -- it's what to do with your money to get it out of the bank and get it into another asset. AFAIK it is not trivial to purchase that much BTC in China, so the level of attractiveness isn't as you assume.
- deleted 9y ago[deleted]
- kevin_thibedeau 9y agoSo the Chinese students running around in $80000 luxury cars are all beneficiaries of criminal parents. Funny how the party doesn't crack down on such blatant corruption.