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Most of this is possible, if you use bitcoins to buy offshore assets, something which Chinese can't easily do. It's really quite hard to move money to and from
by wisty 14y ago
Most of this is possible, if you use bitcoins to buy offshore assets, something which Chinese can't easily do.
It's really quite hard to move money to and from China. Bitcoin is a relatively secure way of doing so. It's probably not legal, but it's easier than Fedexing cash.
- rdl 14y agoThere have to be better China-specific ways of doing this. There is a relatively flourishing parallel banking system (for loans to SMBs); there has to be some hawala type system where you loan money to a producer in China, then receive retained earnings overseas. The issue is not what to do with the money outside China; it's the first hop of being able (legally, or untraceably) to get the money out of China. The other competitor seems to be "fly to Macau", which from what I saw at the tables, involves people who were "very new money" throwing down USD 50k at a throw of the dice. Presumably this is somehow connected to laundering money, and not purely entertainment.