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Buy crypto in China, sell it abroad. At least that was one approach. Note if you do it fairly quickly it doesn't matter what the value of the crypto is, just th
by simonh 4y ago
Buy crypto in China, sell it abroad. At least that was one approach. Note if you do it fairly quickly it doesn't matter what the value of the crypto is, just the liquidity.
Another way is 'business' investments in other SE Asian countries, that then get liquidated and moved further abroad. China does a lot of business with S. Korea for example. If you have an export company, and China exports a lot, you can hold a portion of the foreign earnings abroad and just keep them there.
- williamcotton 4y agoThis is certainly much less painful than buying real estate in London, New Zealand, San Francisco, etc!
- bequanna 4y agoOr just buy/hold/sell a stable coin like BUSD, USDC, or USDT to minimize your market risk. Please no comments on how “Tether is a scam”, blah blah blah.
- __alexs 4y agoIf you're only interested in money laundering USDT is not a bad choice even if it is a scam.
- grugagag 4y ago> Buy crypto in China, sell it abroad. I heard this many times and I can’t figure out how it works. Crypto is sortof banned in China for a while for this reason and yet it’s still a route to take money out of China. But how? Who is going to give you crypto for yen in China?
- treaxc 4y agoYou buy a large number of ASIC crypto miners in China.
- simonh 4y agoIndeed, I was simplifying perhaps a bit too much. There are ways to arbitrage capital in China into capital abroad via crypto.
- deleted 4y ago[deleted]
- di4na 4y agoWhy do you think the crypto industry crashed when that ban started being enforced...
- renonce 4y agoIt's officially banned but it's not like they have been banned successfully. You just buy crypto by transfering money P2P to another individual and that individual sends you crypto back. The government has no way of knowing that a crypto transaction has happened.