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Many wealthy people are considering leaving China
- photonbeam 4y agohttps://archive.is/1XRY0 https://archive.is/1XRY0
- deleted 4y ago[deleted]
- adamnemecek 4y agoGood luck taking their money with them.
- alkonaut 4y agoThis is the one actual good use case for cryptocurrency, that you can move money in and out of totalitarian regimes.
- 876978095789789 4y agoSimilar phenomenon with Russia: https://www.theguardian.com/world/2022/jun/13/more-than-15000-millionaires-expected-to-leave-russia-in-2022 https://www.theguardian.com/world/2022/jun/13/more-than-1500... Expect housing to get even less affordable.
- xiphias2 4y agoCryptocurrencies make it easy to bring tens of millions of dollars out of the country (there are always people who exchange any amount of fiat money to any cryptocurrency for about 5% fee in every country). I guess the CCP will get much more aggressive about banning peer-to-peer money transfer.
- tomohelix 4y agoThis has been the case for a while. The CCP knows about it and have been kind of using it well. The people leaving China don't actually sever their ties with the CCP and in some cases, actually help spread their influence. I think of this less as a sign of trouble for the CCP but more of a way for China to extend their power across the world.
- alkonaut 4y agoIsn’t this expected in any undemocratic country? I get that there is nationalism people who never lived in a democracy value it differently, but I’d be happy to drastically cut my living standard for e.g having free press. I’m surprised there isn’t more of an exodus from countries that aren’t fully closed.