While there is little doubt that wealthy chinese are using bitcoin to move their money overseas the heavy trading on bitcoin exchanges based in china suggests that much of the currencys recent. So russian oligarchs used bitcoin to get their money out.
How To Use Bitcoin To Transfer Money Abroad From China Without
There are about a dozen different ways of getting money out of china that work a lot better than bitcoin and no one uses bitcoin to get around currency controls.
Using bitcoin to get money out of china. The best rate we could get is 5 transaction fee and it turns out that you can do things at 01 with using the hot money brokers. China law forbids anyone from sending out of china more than usd50000 in any given year without government approval and it is virtually impossible to get this approval to buy a house overseas. No service fees but since the exchange rate is consistently fluctuating in some cases you can either benefit from the rate or lose a little bit of money from it.
First of all bitcoin is pretty much totally and completely useless for getting money out of china. These delays and complications must be into consideration when considering getting money out of china. So the odds are overwhelming that we will not be successfully in helping this person get more than 50000 out of china and we are not going to help in! getting the money out illegally.
This i! s a short post to remind anyone who worked and paid taxes in china in 2012 about using the 2012 tax document to transfer money out of china. Until china finds a way to regulate the sale of digital currencies this is no longer a simple and easy way to transfer money to china or try to get it out. There are a whole host of quasi legal ways to get money out of china such as bitcoin loans company to company transfers for alleged product or service purchases and various other things but all have various risks.
I tried to run a business doing that and it turns out that nobody is interested. One way is for investors to get assistance from family relatives and friends. Evander smart wants to get you talking get you thinking get you learning about bitcoin the future of money.
There are different ways to get money out of mainland china into the united states. In 2013 bitcoin rallied from 13 to 121 just after the crisis and before a speculat! ive mania pushed it as high as 1127.
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