Quote from: tscen on October 28, 2017, 12:50:43 PM

Quote from: Ludwig Von on October 28, 2017, 12:47:21 PM

Quote from: tscen on October 28, 2017, 12:27:29 PM

Quote from: Ludwig Von on October 28, 2017, 12:25:33 PM

Quote from: tscen on October 28, 2017, 12:14:21 PM

Quote from: matuson on October 28, 2017, 12:06:29 PM

I can't understand what's the problem? Even if China banned the exchange of bitcoin into yuan it will not change anything. Exchanges outside of China will exchange crypto currencies for the dollar and the Chinese will get on their Bank account transfers in dollars. It seems to me that such news will not affect the attitude of Chinese people to cryptocurrency. There are issues much more important.

China is a capital control country you know? if you can't trade for CNY, then it has nothing to do with China anymore.
NO USD/EUR/CAD/GBP/JPY/etc goes in nor comes out from China. Chinese used to buy Bitcoin in China and dump aboard to bypass the control, this is one of the many reasons of the ban.

So the interesting question is : how do the Chinese evade the ban? By smugling gold to Japan and Korea ? And convert it there into USD and BTC ?

For now, most Chinese is simply out. the rest is using localbitcoin like websites to do p2p trading.

And that brings the next question : some of the biggest miners are Chinese, so what happens with their proceeds? It is not possible that it stays intra China, so are they "Exporting" their coins in exchange for Euro, USD currencies ?

They can sell through p2p trading in China or sell to foreign buyer / exchanger and receive the payment in their offshore bank account.

If that is how it goes, then it means that Gov. will also crackdown on the miners. What seems unlogical. If they want to avoid capital flight out of the country, they would rather let the miners export their coins for foreign valuta?