Bitcoin Forum

I consider using BTC China to park some fiat when the bear market comes. Basically, the plan is to send some ฿, convert to CNY, wait for the crash ( :P ), convert back to ฿ and withdraw.

I have never been to China and don't have a bank account there, but for this use case it shouldn't be a problem, right? Do they require KYC documents? If yes, is the process fast and easy? Anything else I should consider?

One thing you might want to consider is that China has recently stated (officially) that they are not going to buy more USD debt (and may even sell off the USD they are currently holding).

Although not clear how this will pan out yet it is quite possible that the RMB will become more valuable (especially in comparison with the USD) so your plan might backfire simply because of this (of course if you factor this in then maybe it won't be a problem).

Obviously there will be a currency risk, I'm willing to take that. But wouldn't your scenario mean that I would make extra profit (I would hold CNY while CNY increase in value)?

Actually it would indeed benefit you if RMB increases in value - but I would caution not to leave BTC or RMB (or USD or any other currency) in an exchange for a long period of time.

It actually is very easy to open a bank account in China (you just need to bring your passport with you to a bank branch) so maybe you should consider setting up an account here (it's also possible to get very good interest rates for savings at the moment).

Ok, thanks for the advice. Looks like my next vacation destination will be China then...  ;D