Re:China orders Bitcoin exchanges in capital city to close
by JumpCrisscross on Tuesday September 19, 2017 @01:19PM
(#15286610)
> growing number of Chinese nationals has been using Bitcoin to siphon money out of China over the past several years
Growing but irrelevant. The largest sums I've heard of being moved by Bitcoin are, at most, a few hundred thousand dollars. This pales in comparison to the invoice factories in Hong Kong, Taiwan, et cetera through whom hundreds of millions of dollars flow.
The CCP is worried about fraud in a way American regulators aren't because Chinese victims of ICOs are more likely to look to Beijing when they lose their money.
(Keep in mind that Bitcoin was fine until ICO promoters started pilfering from the masses. Also, China is loosening its capital controls in a bid to keep the renmimbi from overheating [1].)
Growing but irrelevant. The largest sums I've heard of being moved by Bitcoin are, at most, a few hundred thousand dollars. This pales in comparison to the invoice factories in Hong Kong, Taiwan, et cetera through whom hundreds of millions of dollars flow.
The CCP is worried about fraud in a way American regulators aren't because Chinese victims of ICOs are more likely to look to Beijing when they lose their money.
(Keep in mind that Bitcoin was fine until ICO promoters started pilfering from the masses. Also, China is loosening its capital controls in a bid to keep the renmimbi from overheating [1].)
[1] http://www.reuters.com/article/us-china-economy-capital-cont...
Disclaimer: I am not a lawyer. This is not legal nor financial advice. Do not launder money.