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Chinese ignore government restrictions and are using crypto to send money to Japan

Chinese ignore government restrictions and are using crypto to send money to Japan



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30 Comments

  1. tldr; Chinese citizens are using cryptocurrencies to send money abroad, especially to the neighbor Japan. The discovery came during a Japanese investigation into corporate funds flows. Regulations in China do not allow citizens to exceed the remittance volume of $50,000 per person per year. These investors simply exploited the anonymity made possible by cryptocurrencies.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. > The government used the case to reinforce its stance on banning cryptocurrency activities.

    This kind of thinking must be iradicated from this world. Basically they implement capital controls -> Then people start avoiding them -> and then they are like “see! this is why we need capital controls”

    The same circular logic exists in the war on drugs.

    They banned drugs -> Criminals end up making a killing -> “See! This is why we need to ban drugs”

  3. Their mistake was to convert the Bitcoin into Yen to buy real estate. They should have just hodled the Bitcoin and nobody would have found out. Now they are as good as vanished/suicided.

  4. nobody can control 1.5 billion people, not even stereotypically obedient people like the chinese. and especially when bitcoin makes it so easy to be disobedient. money and trade are often matters of life and death. people will risk it all if they have to.

  5. No one chooses where they’re born. People have a right to exist and do what they have to do for their family. Imagine being able to start over and have a nest egg to help.

    God speed. This is what BTC is for.

  6. Strange that they call this “money laundering” in the article. It’s people sending their own money to themselves through a corporation. It’s govt overreach (fascism) for them to object to any part of that.

What do you think?

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