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> 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 reaso
by 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.