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If the Chinese regulators are so smart and capital controls are so tight, then how would the Chinese get money out via bitcoin ? What about the entire paper tr
by ashray 13y ago
If the Chinese regulators are so smart and capital controls are so tight, then how would the Chinese get money out via bitcoin ?
What about the entire paper trail:
a) from bank deposits/tenpay deposits to BTC China where they convert to bitcoins
b) and then allegedly sell on a foreign exchange (bitstamp, maybe ?)
c) following which they withdraw to an overseas bank account ?
If we're talking about illegal money (not part of the banking system) then again BTC China isn't reportedly accepting any cash. So how would that work ?
The evidence isn't really that clear. What we see is the Chinese buying a lot of bitcoins.
There's no evidence that they then moved those bitcoins to a foreign exchange, cashed them out, and then moved that cash to an overseas bank account. Do you have anything at all that supports this ? Not even the bitcoin network transaction volume is in agreement with this kind of movement of coins.
- crystaln 13y agoNobody knows or understands why the Chinese government is allowing so much purchase of bitcoin. I suspect they will not continue to allow it. I did not say that Chinese were buying other currencies with their bitcoin en masse although I'd be surprised if many were not. Perhaps they are just diversifying. Some may have no account in place to sell bitcoin for other currencies.