China Threatens Overseas Tax Havens, Will Investors Flock to Crypto?Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto.
Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China.
But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets.
Will Investors Move to Crypto?
https://www.ccn.com/china-threatens-overseas-tax-havens-will-investors-flock-to-crypto/Blockchain is an open ledger! And if you manage to prove the connection between a person and a wallet, then all his money will be in full view.
Yes, I agree this is a desperate moved from the government going on a witch hunt against Chinese choosing to go offshore to "hide" their wealth. And I also have no doubt that smart Chinese investors are now going full crypto as Store of Value (SoV) to get away from the prying eyes of the government, or maybe even opting to go and live outside if things goes from bad to worst. There's a theory that there's some correlation between a country's financial and political issues and crypto having a good pump, and maybe this is another case.