NEED ADVICE - bitcoin for IMPORT&EXPORT operations in China.

[zeroday]

Recently I've met a former classmate who is now exporting factory equipment from China to central Asia.

I persuaded him to try bitcoin as medium of payment for his business deals and he confirmed that it would be interesting and can even let him save (they work in highly corrupted country and skipping bank transfer will let them save a lot).

I agreed to help him with consulting and guiding through the process of obtaining and transferring BTC.
As I see, technically it would work the way when central Asian business buys btc for cheapest rate directly from trusted sellers, then Chinese partner receives bitcoins and exchanges it to CNY on BTCchina.

However, Chinese partners are in doubt if it's legitimate for Chinese business entity to accept bitcoin and convert in yuan, so, now we have to find strong arguments to convince them.

I'm asking Chinese people on this forum to post any links to relevant resources (preferably in official chinese media), which prove the legitimacy of such business scheme.


P.S. I believe this will be significant achievement for bitcoin in a whole when such a large scale international businesses will start using it for their settlements in import/export operations.

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[knight22]

I think the answer is none.... yet.
Maybe you'll have better chance by posting this in the Chinese sub forum...

[razorfishsl]

Your third line already indicates you know you are committing fraud.
*'(they work in highly corrupted country and skipping bank transfer will let them save a lot).'


I'm asking Chinese people on this forum to post any links to relevant resources (preferably in official Chinese media), which prove the legitimacy of such business scheme.
see *


There is a completely LEGAL way to avoid bank fees,  and to save up to 15% on the cost of doing  LEGAL business..


P.S There is not much down for any business man who takes his advice from someone who gets 'ideas' from forums…

[zeroday]

Your third line already indicates you know you are committing fraud.
*'(they work in highly corrupted country and skipping bank transfer will let them save a lot).'

Their business is legal from China's point of view as they pay for goods to Chinese company and then legally export it, then Chinese company pays necessary taxes and gets profit.
I actually don't know what happens in their central Asian country, but I guess, as in any third-world country, everything there is closely tied with corruption and racketeering.

I think it's is pointless to discuss "legality" in far-away countries with obscure laws unless it's hypocrisy.

There is a completely LEGAL way to avoid bank fees,  and to save up to 15% on the cost of doing  LEGAL business..

Ok, let's try LEGALLY avoiding any "fees", let's say, in Venezuela, Nigeria or Pakistan.

P.S There is not much down for any business man who takes his advice from someone who gets 'ideas' from forums…

At first, that is not my business and I'm not going to have any profit from it.
My interest there is only to show people the benefits of bitcoin and spread its adoption.

If you have better idea where I can find relevant information, I'll be grateful if you show me the way. Otherwise, your post can only be treated as trolling.

[windywinter]

Since China has not recognized Bitcoin as currency, a Chinese business entity cannot accept Bitcoin as a form of payment.

However, the trade still can be accomplished as a kind of compensation trade, that is, the Chinese side will 'import' a Bitcoin private key as a 'technology' or 'import' a 'service' of sending certain data to Bitcoin network, while export some goods to the foreign side.

[callem]

Zeroday, never mind the nonsense from the trolls. Obviously there's nothing wrong with Chinese manufacturers receiving btc and exchanging it on btcchina etc. In fact i helped more than one set this up already and they still thank me.

It becomes a competitive advantage which is why they don't talk about it. You know: " the first rule of bitcoin... "

Send them a coin or two with a link to btcchina and they'll figure it out quickly. There's a reason china is already no 1 in bitcoin.

[StarfishPrime]

Your third line already indicates you know you are committing fraud.
*'(they work in highly corrupted country and skipping bank transfer will let them save a lot).'


I'm asking Chinese people on this forum to post any links to relevant resources (preferably in official Chinese media), which prove the legitimacy of such business scheme.
see *


There is a completely LEGAL way to avoid bank fees,  and to save up to 15% on the cost of doing  LEGAL business..


P.S There is not much down for any business man who takes his advice from someone who gets 'ideas' from forums…

Many Chinese companies are already accepting bitcoin and exchanging them on BTCchina, etc. There's nothing illegal or suspect about that. They may need to invoice in dollars, etc., but bitcoin payments to China to settle invoices in other currencies is nothing new. Accounting is just like any other forex exchange.

[zeroday]

Chinese partners have also just confirmed that their lawyer doesn't see problem with accepting bitcoins from abroad. But they are still worrying about volatility.