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Let me give you a real-world example. China has a tight control over not only the currency exchange rate, but also the very action of exchanging or even withdra
by elisbce 5y ago
Let me give you a real-world example. China has a tight control over not only the currency exchange rate, but also the very action of exchanging or even withdrawing foreign currencies. The current policy is that you can only send/receive $50k USD per year per person regardless of the channels, even if they are completely legitimate via wire transfers. This is obviously not enough for a student who goes to the US for college. And this creates a huge difficulty for the families. Bitcoin is one of the main ways to break this barrier even though it is deemed "illegal" in China. You can say this is a "crime", but the legality is actually a very subjective thing depending how you look at it.
- yunohn 5y agoChinese students have been studying abroad for decades now, in countries all over the world. Are you suggesting all of them use BTC to be able to pay their tuition?
- SAI_Peregrinus 5y ago> The current policy is that you can only send/receive $50k USD per year per person regardless of the channels, even if they are completely legitimate via wire transfers. Chinese law defines what's legitimate in China. By definition such wire transfers aren't completely legitimate. They should be IMO, but they currently aren't.