China bank deposits....what about Hong Kong?

[btctraderr]

So.....the problem is that there are no ways to fund the exchanges on the mainland, what if you use a Hong Kong bank account or if BTCchina or OKcoin setup in HK? They can have an RMB denominated account which is available at most institutions and use that. Any problems here?

*Mainlanders sending RMB to HK
*Bank is located in HK
*Deposits/Withdrawals can be received and processed without being subject to the rules on the mainland.

[empoweoqwj]

So.....the problem is that there are no ways to fund the exchanges on the mainland, what if you use a Hong Kong bank account or if BTCchina or OKcoin setup in HK? They can have an RMB denominated account which is available at most institutions and use that. Any problems here?

*Mainlanders sending RMB to HK
*Bank is located in HK
*Deposits/Withdrawals can be received and processed without being subject to the rules on the mainland.

Try it and find out

[HairyMaclairy]

Hong Kong is treated as a foreign country.

Capital controls on sending funds to Hong Kong are effectively the same for ordinary mainlanders as sending the money direct to the USA. 

[BTCisthefuture]

I don't know the answer on this personally but if it's something that would work than surely these exchanges are going to look into that and set up shop in Hong Kong if that would solve their problems.

[empoweoqwj]

I don't know the answer on this personally but if it's something that would work than surely these exchanges are going to look into that and set up shop in Hong Kong if that would solve their problems.

Clearly if HK is treated as a foreign country, then setting up shop in HK wouldn't be the answer, because of the currency controls in and out of China. The Chinese exchanges want(ed) mainland Chinese customers.

[Honeypot]

HK is china's bitch. No one is deluded enough to think something this big could remain independent.

[empoweoqwj]

HK is china's bitch. No one is deluded enough to think something this big could remain independent.

"Hong Kong is treated as a foreign country.

Capital controls on sending funds to Hong Kong are effectively the same for ordinary mainlanders as sending the money direct to the USA. "

Self-explanatory to the extreme.

[neutralist]

Hong Kong is an independent country like Taiwan

[HairyMaclairy]

Hong Kong is an independent country like Taiwan

It is a Special Administrative Region of the People's Republic of China.

http://en.m.wikipedia.org/wiki/Special_administrative_region

[empoweoqwj]

Hong Kong is an independent country like Taiwan

We are opening a can of worms here ..... ask China whether they think Taiwan is independent

[HairyMaclairy]

Hong Kong is an independent country like Taiwan

We are opening a can of worms here ..... ask China whether they think Taiwan is independent

Better yet, ask Taiwan with China in the room.

[LiteCoinGuy]

Hong Kong is an independent country like Taiwan

We are opening a can of worms here ..... ask China whether they think Taiwan is independent

maybe we can use an exchange in Tibet 

[empoweoqwj]

Hong Kong is an independent country like Taiwan

We are opening a can of worms here ..... ask China whether they think Taiwan is independent

maybe we can use an exchange in Tibet 

Again, ask the Chinese first

Just saw some news overnight - "Taiwan competitors aim to capitalize on Bitcoin ban in China" - China Post

http://dlvr.it/4bVJhg

Bring it on Taiwan!

[HairyMaclairy]

BTC's location in the Shanghai FTZ does make it interesting because I think the foreign currency controls are not supposed to apply there. So the real question is what rules apply in the FTZ?

*edit* did some digging - transfers between domestic accounts and FTZ accounts will be treated as cross border transactions so no opportunity for regulatory arbitrage.

http://news.xinhuanet.com/english/business/2013-12/03/c_132936829.htm

[kostja]

in HK?

See my signature.