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Out of curiosity, does anyone know if the Chinese Central Bank action (discussed on HN here: https://news.ycombinator.com/item?id=6853305 https://news.ycombinat
by kunle 13y ago
Out of curiosity, does anyone know if the Chinese Central Bank action (discussed on HN here: https://news.ycombinator.com/item?id=6853305 https://news.ycombinator.com/item?id=6853305) prevented Chinese citizens from converting RMB into BTC directly from their bank accounts? Might be behind some of this (from what I understand, BTC was one of the only ways mainland Chinese citizens could /legally/ convert RMB into other currencies above the daily limit).
- cstejerean 13y agoThe interesting thing is you can still use bitcoin to convert RMB to USD regardless of bank policy, by investing in mining. If you can pay for the costs of mining (hardware + electricity) in RMB, you can then sell the coins you mine for USD, completely bypassing capital controls. Even if you are mining at a slight loss, it might still be worth it to someone really keen on turning more RMB into USD then otherwise allowed.