Do The Chinese Use Bitcoin To Get Pass Its Foreign Exchange Control?

[blckhawk]

I got quite confused at first, since at first glance, it looks like what you're asking is that if Chinese people use Bitcoin (which I generalized to cryptocurrency, because I didn't know that it was the main point),  to get pass its Foreign Exchange Control.

Then came the short answer: no.  In which upon reading, all this time I think that what you want to convey is that people aren't using whatever it is to get past FEC, instead for other things. Just in the later part I realized that what you meant is that they don't use Bitcoin specifically, but rather other cryptocurrency/ies aside from Bitcoin.

Nevertheless, a good read. I just don't think it's necessary to have this long read just to state that they're not using Bitcoin, and instead uses other crytocurrencies, with mostly USDT.

[alyssa85]

Of course, they do. Just as all the people who live in a country with stringent currency controls.
I would do it too, under those conditions.

Yes. If the Chinese were not using bitcoin to get their money out, the Chinese government would not have closed down all the bitcoin exchanges back in 2017. You only do something drastic like that if you perceive a grave threat.

[Wintersoldier]

If this will be the case then China would have a huge chance of regulating bitcoin and cryptocurrency in their country. But as far as we know, they couldn't possibly do such act like that because of how independent bitcoin is. If people will keep on doing such act to escape their responsibilities as a citizen I don't think they are utilizing bitcoin in such a productive way it should be. But I do really admire people who are using bitcoin as their main currency when they badly need it (protesters), but I will consider admiring more if they trust their government.

[RooseveltOah]

If this will be the case then China would have a huge chance of regulating bitcoin and cryptocurrency in their country. But as far as we know, they couldn't possibly do such act like that because of how independent bitcoin is. If people will keep on doing such act to escape their responsibilities as a citizen I don't think they are utilizing bitcoin in such a productive way it should be. But I do really admire people who are using bitcoin as their main currency when they badly need it (protesters), but I will consider admiring more if they trust their government.

I agree, I have a simple structure looking at this

               Good government  |  Bad government
—————————————————-————————
For        |                             |
—————————————————————————
Against  |                             |
—————————————————————————-

For good government one can help with catching illegal behaviors, against government include money laundry so on and forth
Against bad government is helping Venezuela escape its hyperinflation, we can put intentions in places we see fit.

The tricky part is how is good and bad decided?

[Lottoshi]

Is Chinese money still going to Hong Kong or have been moving towards Singapore?