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I'm confused, how does that capital flight work exactly? Say I start w/ $1 million in RMB, how does Tether factor in here?
by wbc 5y ago
I'm confused, how does that capital flight work exactly? Say I start w/ $1 million in RMB, how does Tether factor in here?
- arcticbull 5y agoYou go to an OTC desk in China, you buy Tethers with $1M USD worth of RMB, you send the Tethers out of China and cash them out either directly at Coinbase or via BTC. [1] There's been a big market for escaping RMB capital controls since they were instituted, often via various gangs and casinos [2] [1] https://twitter.com/patio11/status/1424897022268645379 https://twitter.com/patio11/status/1424897022268645379 [2] https://www.casino.org/news/us-marshals-service-to-seize-imperial-palace-saipan-casino-assets/ https://www.casino.org/news/us-marshals-service-to-seize-imp...