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Author Topic: Want to sell bitcoin for Chinese yuan but don't have enough btc  (Read 4728 times)
Nefario
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January 17, 2011, 03:05:50 PM
 #21

I see the point in selling bitcoins for yuans inside China, but foreigners who want yuans can buy some at a local bank. I wonder why they would buy you yuans if they're not in China.

I think you are wrong, if you are not in China you can't buy Yuan in your local bank, there are two(I think) branches of Bank of China (located in the US) that have begun to allow foreigners (non-Chinese) to open Yuan account's, with a minimum balance of $500, but unless you go to those actual branches it's very impractical.

If you are in China you can of course buy $US, if you are not Chinese there is a lot of paperwork in exchanging Yuan in to $US, however it is no problem to exchange $US into Yuan. You also must supply your passport to exchange and money in China, and your ID is recorded with the transaction.

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ElectricGoat
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January 17, 2011, 03:24:58 PM
 #22

I can order money in any currency from my bank (I'm in Europe), I can go to some post offices, or use cash-converters in airports. In fact, I went to China some time ago and I can confirm that it works with yuan too.

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January 17, 2011, 03:43:50 PM
 #23

I can order money in any currency from my bank (I'm in Europe), I can go to some post offices, or use cash-converters in airports. In fact, I went to China some time ago and I can confirm that it works with yuan too.

Hmmm, I guess the lesson here is never make assumptions.

After looking everbank has a yuan account, requires $10,000 deposit.

Maybe some places offer yuan but I am sure they can't beat my rate.

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ElectricGoat
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January 17, 2011, 03:47:00 PM
 #24

It's just that most banks keep change in various currencies. When Chinese people go to a foreign country, they buy local money, and the bank keeps yuan money. Then the bank can sell yuans to whoever wants some. But the rates are usually not very good, of course.

Art experiment with bitcoins: http://greta.electricgoat.net
em3rgentOrdr
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January 18, 2011, 12:19:47 PM
 #25


I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do.  But I didn't realize that this was illegal.  Anyone know the relevant laws?  Surely trading a few hundred yuan can't be illegal.

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
Nefario
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January 18, 2011, 01:04:36 PM
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I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do.  But I didn't realize that this was illegal.  Anyone know the relevant laws?  Surely trading a few hundred yuan can't be illegal.

Only the central bank of china has the authority to exchange yuan, it also has the power to delegate that authority. All else is illegal, quantity does not matter.

Unmarried sex is also illegal here but is only prosecuted when the government want to get some one.

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em3rgentOrdr
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January 18, 2011, 01:22:35 PM
 #27


I'll buy bitcoin at 3.01 yuan for 1 bitcoin!

Monopoly I say!.......
Would you settle for a duopoly or better yet, an oligopoly? Price fixing anyone?

But seriously, do you have yuan?

Yes I do.  But I didn't realize that this was illegal.  Anyone know the relevant laws?  Surely trading a few hundred yuan can't be illegal.

Only the central bank of china has the authority to exchange yuan, it also has the power to delegate that authority. All else is illegal, quantity does not matter.

Unmarried sex is also illegal here but is only prosecuted when the government want to get some one.

啊! 你好!  你在中国吗?  我可以说中文。  你可能设置互联网服务器吗? 我要互联网镜像站点。

"We will not find a solution to political problems in cryptography, but we can win a major battle in the arms race and gain a new territory of freedom for several years.

Governments are good at cutting off the heads of a centrally controlled networks, but pure P2P networks are holding their own."
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