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A comment on China's Ban on Bitcoin Follows a Pattern Frequently Used by Beijing.

Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by Animats on Tuesday July 13, 2021 @01:46PM (#27823855)
The article misses the point. Bitcoin mining in China was a legal way to get money out of the country. Buy a share in a mining pool in yuan, get Bitcoin delivered, sell it in Hong Kong or elsewhere, get dollars or yuan. That was viewed as "manufacturing and exporting", which is legal, encouraged, and sometimes subsidized. That's what powered Bitcoin mining in China.

China has exchange controls. You can't just exchange yuan for dollars or euros. there's a limit of about US$50,000 per year per person, and even that is sometimes restricted. No other major country has exchange controls like that.

A big use case for Bitcoin just went away.

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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by flipchart on Wednesday July 14, 2021 @01:20AM (#27829967)
South Africa has similar exchange controls. See the recent SA article around Bitcoin https://news.ycombinator.com/item?id=27772513
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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by odiroot on Tuesday July 13, 2021 @04:43PM (#27826079)
I believe Taiwan also has currency exchange controls.
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Re:China's Ban on Bitcoin Follows a Pattern Frequently Used ... by Animats on Tuesday July 13, 2021 @05:09PM (#27826350)
Yes, Taiwan does, but the limits are much larger and getting approval for large transfers does not appear to be hard.

Getting money out of China is 1) hard, and 2) often illegal.[1]

[1] https://www.bloomberg.com/news/articles/2021-03-11/from-cryp...

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