2. As a medium of exchange, bitcoin could help Chinese people evade currency controls.
China’s capital controls make it extremely hard for to buy stuff beyond China’s borders—most online stores don’t accept yuan or Chinese payment systems, and there are limits to what they can exchange into foreign currency. As bitcoin markets develop overseas, Chinese bitcoin owners could in theory change it into currencies that sites like PayPal, Amazon, etc., accept. Right now bitcoin (比特币, or bitebi) commands somewhere between 600 and 700 yuan at the time of this writing. Those who wish to trade it can get started on Taobao or Paipai.
I have been saying this for months, finally a westerner gets it.
If you are not an oversea Chinese student/worker, you have no idea how many payment requests each of them will receive each year.
The problem is on the American/European side, I dare the merchants to accept bitcoins and they will very likely see a surge in purchases.
And buying bitcoins has never been a problem for Chinese, we have a very large exchange, and a huge mining population, the supply should be abundant.
